Private equity group 3i is to acquire lingerie retailer Agent Provocateur and intends to expand the business.

Agent Provocateur co-founder Serena Rees will leave the group to pursue new opportunities, while co-founder Joseph Corré will stay at the business as creative director. Both founders will remain shareholders.

3i has named former Hamleys chairman and Body Shop deputy chairman Stuart Rose as chairman of Agent Provocateur.

3i buyouts partner Jennifer Dunstan said: “The company has a fantastic reputation and is already well established throughout Europe. We believe there is enormous potential for the business to continue to grow and look forward to using both our retail experience and our global network to help Agent Provocateur achieve this ambition.”

CorrĂ© said: “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.”

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