Agent Provocateur’s new chief executive Fabrizio Malverdi is believed to be in discussions with the lingerie retailer’s private equity owner 3i about his future at the company.

Agent Provocateur chief executive’s future in doubt

Agent Provocateur chief executive’s future in doubt

3i is considering selling Agent Provocateur

Earlier this month, it emerged that 3i was considering selling the struggling lingerie business following a difficult trading period and the emergence of accounting issues.

Malverdi, who was parachuted in last April, is since believed to have been in discussions with 3i and other directors about his job at the retailer once a new investor is secured.

Sources close to 3i told Sky News that the talks about Malverdi’s position had taken place.

The retailer, which has faced fierce competition from the likes of Victoria’s Secret, is said to have attracted interest from sovereign wealth funds and high-net-worth individuals.

High-profile exits

Agent Provocateur’s former chairman Chris Woodhouse stepped down last year as a result of the accounting issues, currently under investigation by KPMG.

Its former chief executive Garry Hogarth also quit the business in the wake of a review, led by Goldman Sachs, which examined and then decided against a sale.

Full-year sales to March 28, 2015, rose 16% to £61.7m, but pre-tax profits fell by more than a quarter to £4.6m.