87 176
Fashion Jobs
SPECIALIZED
Brand Development Manager - Michigan
Permanent · LANSING
ECCO
Third Keyholder
Permanent · ELIZABETH
ECCO
Third Keyholder
Permanent · LAS VEGAS
ECCO
Sales Manager - National Accounts (Remote)
Permanent · LONDONDERRY
ECCO
Third Keyholder
Permanent · ROSEMONT
LULULEMON
Community Specialist | Summit, Springfield Ave
Permanent · SUMMIT
LULULEMON
Expeditor | Cherry Creek
Permanent · DENVER
LULULEMON
Community Specialist | Friendly Center
Permanent · GREENSBORO
NORDSTROM
Customer Service Representative - Hillsdale Shopping Center
Permanent · SAN MATEO
NORDSTROM
Retail Stock - Mercer Mall Rack
Permanent · LAWRENCE TOWNSHIP
NORDSTROM
Manager- Service Experience- Baton Rouge Mall Rack
Permanent · BATON ROUGE
NORDSTROM
Retail Stock - Sugar House Rack
Permanent · SALT LAKE CITY
NORDSTROM
Asset Protection - Agent - Aventura
Permanent · AVENTURA
NORDSTROM
Retail Stock - Northwoods Rack
Permanent · SAN ANTONIO
NEIMAN MARCUS
Business Manager Tom Ford, Beauty (PT, 35 Hours) - FT. Worth
Permanent · FORT WORTH
NEIMAN MARCUS
Sales Manager, Designer Rtw
Permanent · CORAL GABLES
NEIMAN MARCUS
Sales Professional, Beauty
Permanent · NEW YORK
TIFFANY & CO
Manager, HR Business Partner
Permanent · NEW YORK
URBN
Security Officer (Monday-Thursday; Overnight Shift)
Permanent · LEVITTOWN
AMERICAN EAGLE OUTFITTERS
ae - Market Visual Leader - us
Permanent · MCLEAN
CROCS
Supervisor, Distribution Center - 1st Shift
Permanent · LAS VEGAS
NEWELL
Associate Brand Manager, Coleman
Permanent · ATLANTA
Published
Jan 2, 2017
Reading time
2 minutes
Download
Download the article
Print
Text size

Agent Provocateur for sale after accounting issues - report

Published
Jan 2, 2017

Agent Provocateur is being prepared for a possible sale according to press reports in the UK. The news follows the company’s private equity owner shocking the industry late last year as it reported accounting issues, a restructuring and the need to pump new investment into the high-end lingerie firm.


Agent Provocateur could be worth as little £15m one retail insider said

 

Private equity group 3i has owned Agent Provocateur for the past decade and has called in a raft of experts in recent months. It has hired investment bank Rothschild to handle a possible sale, The Times and Sunday Times reported. Meanwhile KPMG has been going through its books and restructuring firm Alix Partners has also been tasked with developing a turnaround plan before any possible auction.

But it appears that 3i isn’t 100% committed to an outright sale and options also include bringing in a new investor.

3i, which has an 80% stake in the company, reported the accounting issues when it released its own interim results in November. It said at the time that it had written down its investment in the firm by £39m. That writedown was also attributed to the luxury slowdown and Agent Provocateur’s badly timed expansion programme.


Agent Provocateur is 80% owned by 3i

 

As well as the writedown, the company also invested an extra £4m in the label and non-executive chairman Chris Woodhouse was replaced by 3i partner Ian Lobley in December. A number of other executives also left last year.

3i paid £60m for its stake in 2007 and tried unsuccessfully to sell it in 2014. But one retail source told The Sunday Times that it could be worth as little as £15m in current circumstances. The newspaper said the private eqwuity firm and the advisers it is consulting have not commented.

Copyright © 2024 FashionNetwork.com All rights reserved.