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Deal seen as too cheap

Lingerie chain founder brands Ashley deal a ‘disgrace’

Mike Ashley Sky vidAgent Provocateur founder Joe Corre is unhappy about the sale of the lingerie chain to a fashion agency part-owned by Mike Ashley (pictured), the owner of Sports Direct.

Mr Corre, son of the fashion designer Vivienne Westwood and punk impresario Malcolm McLaren, described the sale in a pre-pack administration deal, as a “disgrace to British business”.

He claims that previous owner 3i rejected a higher offer for the business that would have better protected the brand, creditors and more than 600 jobs.

Mr Ashley has agreed a £30 million deal, regarded as a bargain, that allows him to cherry-pick the stores he wants. He fought off competition from private equity firm Lion Capital.

Richard Jeffrey, chief economist at Cazenove Capital, said: “This is a well known brand, and I’m sure he’s looking for diversification away from sports and to an extent away from the high street. I wonder if thinks he can develop this as an online brand.”

Mr Ashley bought the business through brand marketing agency Four Marketing which is the biggest supplier to the tycoon’s other upmarket fashion business, Flannels.

 

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One Comment to Lingerie chain founder brands Ashley deal a ‘disgrace’

  1. Derek Riddick says:

    Joe Corrre was not so concerned when he sold Agent Provocateur, happy to pocket the money no doubt. If he is so concerned then buy it back!!

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