Lingerie brand Agent Provocateur gets a refit amid accounting issues
Chris Woodhouse has stepped down as chairman of Agent Provocateur amid the lingerie brand’s ongoing inquiry into “accounting issues”.
The upmarket label, which has counted supermodel Kate Moss among its roster, has handed the reins to Ian Lobley, a partner at Agent Provocateur’s controlling shareholder 3i Group, it was first reported last night by Sky News.
The reshuffle of the board follows last months announcement the company had been “impacted by declining luxury spend in a number of its key markets”, the effect of which had been exacerbated by “the inconsistent execution of its recent store expansion programme and the discovery of accounting issues”.
It’s thought the issues could relate to statements concerning the company’s profitability.
Woodhouse, who is chief executive of the RAC breakdown recovery service, is remaining on the board as a non-executive director and it’s understood he has stepped down due to the slow turn around.
Sales in the year to 28 March 2015, the most recent accounts available, rose 16 per, but pre-tax profits fell by more than a quarter to £4.6m.