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British lingerie brand to be bought by 3i in 60 million pound deal

Agent Provocateur co-founder confirmed that the racy British lingerie brand has agreed to be bought by private equity firm 3i Group PLC in a deal worth 60 million pounds (US$124.3 million; €84.8 million).

The firm's co-founder Joseph Corre, son of fashion designer Vivienne Westwood, will stay on as creative director. His wife and Agent Provocateur co-founder Serena Rees is leaving the business. The two will retain a minority stake in the company they launched in 1994.

"This new phase in the development of Agent Provocateur will give us the operational and financial platform to realize the company's potential so that it takes its rightful position as the world's most dynamic luxury lingerie brand," Corre said.

Agent Provocateur lingerie, perfumes and shoes are now sold in 14 countries.

There will be no redundancies as a result of the buyout, Agent Provocateur said.

Corre and Rees opened their first Agent Provocateur shop in Soho, London, in December 1994.