Losses at Mike Ashley-backed lingerie firm Agent Provocateur narrow as it continues its turnaround plan
Losses at Mike Ashley-backed lingerie firm Agent Provocateur narrowed as it continued its turnaround plan.
In its first full year of trading since it was rescued from administration in a deal backed by Ashley’s Sports Direct, it posted a £9.6m loss, compared with £19m a year ago.
In vogue: Despite the problems, sales rose by more than £1m to £18.1m
But difficulties on the High Street hit its stores. A spokesman said: ‘A challenging retail environment has led to lower than expected results from the physical stores.’
Despite the problems, sales rose by more than £1m to £18.1m. Agent Provocateur was founded in 1994 by fashion designer Vivienne Westwood’s son Joe Corre and his then-wife Serena Rees. The company is known for its racy lingerie, nightwear and swimwear, with its bras costing as much as £495 online.
It was snapped up by private equity group 3i in a deal worth £60m and rescued from collapse after it was bought by Four Holdings for around £30m in 2017, a deal Corre called ‘a disgrace to British business’.
Around 25 per cent of Four Holdings is owned by Ashley’s Sports Direct.