La Senza sold to Lion Capital

British lingerie retailer La Senza is being sold to private equity firm Lion Capital by owner Theo Paphitis for an estimated #100 million. The entrepreneur behind Ryman Stationery will remain with the company as a director and will hold a minority share in the business. "La Senza is probably the most exciting and vibrant business I have been involved in," he said. "I am delighted that Lion Capital has shown such confidence in it and I am sure that this will result in exciting opportunities for everyone still involved with the business." The founding partner of Lion, Robert Darwent, has said he plans to roll out the business further in existing markets and in Europe. "La Senza has been very successful in pursuing a differentiated retail concept that is focused on a niche consumer category," he said. "It's leading position in the UK lingerie market, high level of brand awareness and ability to attract and maintain a very loyal customer base make it an attractive investment opportunity for Lion." Lion already has invested in restaurant chain Wagamama and luxury shoe specialist Jimmy Choo.

Since 1998, La Senza's retail network has grown form 40 to 118. The chain now operates 98 directly-owned stores and concessions in the UK, nine in Ireland and 11 franchises in Iceland, Denmark, Norway, Estonia, Malta and Gibraltar. The company -which employs 1,800 people in the UK and Ireland - generated sales of #94 million last year, and has seen turnover rates rise 13 percent per year over the last three years.