3i said its acquisition of Agent Provocateur will enable the brand to pursue further growth opportunities.

European private equity company 3i has bought Agent Provocateur, the UK luxury lingerie brand and retailer, in a reported £60 million deal.

Agent Provocateur was founded in 1994 by the son of Vivienne Westwood Joseph Corré and his wife Serena Rees. Corré will be staying with the business as Creative Director whilst Rees will pursue new opportunities.

Known for its edgy – yet fun – image, Agent Provocateur has consistently been voted one of the UK’s top ten cool brands. Today, its products can be found across 14 countries, including the USA, Europe and the Middle East. In addition to lingerie, the brand has launched highly successful fragrances and has recently added shoes to its existing product ranges. It also has a fast growing e-commerce business.

3i said its funding will allow Agent Provocateur to pursue further growth opportunities. The group has appointed former Body Shop Deputy Chairman and Managing Director Stuart Rose as Chairman of the company. He will also continue his current duties as Chairman of The Hamleys Group.

Joseph Corré commented: “This new phase in the development of Agent Provocateur will give us the operational and financial platform to realise the company’s potential so that it takes its rightful position as the world’s most dynamic luxury lingerie brand.”

By Natasha Piscitelli