Agent Provocateur losses shrink as turnaround takes shape
today Aug 29, 2019
Upmarket lingerie brand Agent Provocateur has posted a promising set of results for 2018, with a rise in sales and a decline in loss.
The firm backed by Mike Ashley’s Sports Direct since it was rescued in 2017 posted a £9.6 million loss for the 12 months until 31 December 2018, compared with £18.9 million a year earlier.
Meanwhile, turnover rose by more than £1 million to £18.1 million, although the company admitted that “the challenging retail environment led to lower than expected results from the physical stores within the group”.
Founded by Vivienne Westwood's son Joe Corre and his former wife Serena Rees in 1994, Agent Provocateur is undergoing a turnaround to establish itself as a more sustainable business and brand.
Mike Ashley bought the label through Four Holdings for £30 million in a deal that was described as a “disgrace to British business” by the brand’s co-founder in 2017. Ashley’s Sports Direct owns a 25% stake in Four Holdings.
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