Agent Provocateur Seeks New Owner
Agent Provocateur is known in Spain for some of his publicity campaigns directed by the Spanish Penélope Cruz, who together with his sister Monica designed some collections as LÁgent.
Luxury lingerie is business as long as the economy in general and consumption in particular go like a shot. Besides that luxury lingerie is sold in a niche market, with loyal customers who do not usually change brands in a habitual way. Agent Provocateur was born with the idea of becoming the reference of affordable luxury lingerie but did not have brands like Victoria Secret, which from lower prices have conquered the world aspirational lingerie market.
Victoria’s famous angels have conquered catwalks and shopping bags, but not only have Intimissimi, Ethan and Oysho launched well-priced collections with excellent qualities – many of them organic – and, above all; they have conquered the world of Buying online.
According to Reuters, 3i this week, the venture capital firm would have asked the M & M Rothschild bank to sell the French multinational. Since last November, company executives gave the alarm bell about the slowdown in sales in the Luxury sector in general, and in the lingerie business unit, in particular, the market speculates with the sale of the company. Neither its stores are profitable nor does it appear that the latest capital and cost reduction restructurings are having a direct effect on the evolution of the company.
Agent Provocateur is known in Spain for some of his publicity campaigns directed by the Spanish Penélope Cruz, who together with his sister Monica designed some collections as LÁgent.The company has already approved the closure of 30% of its stores, the dismissal of 30% of the staff and the reduction of the line of lingerie designed by the Cruz sisters.