Theo Paphitis eyes La Senza stores following its collapse

Paphitis, a former owner of La Senza, wants to acquire the shops, and save jobs, for his lingerie brand Boux Avenue.

La Senza collapsed for the second time in two years today, as revealed by Retail-Week.com.

Paphitis, who also owns stationery retailer Ryman and hardware chain Robert Dyas, bought La Senza in 1998 and turned its fortunes around, before selling it to a private equity firm in 2006 for £100m.

He said he was “saddened” by La Senza’s collapse.

“It was my baby and obviously I don’t wish to see it crash into administration once again. It’s sad to see it struggle,” Paphitis added.

But he said he would be interested in taking on stores in locations where Boux Avenue is looking for a presence.

“Where Boux Avenue hasn’t got representation we might look at some La Senza stores,” he said. “If I can do something that protects the workers’ future I will.”

He said that the UK lingerie market is very competitive, which is not helped by high property costs in the UK. But he added: “It’s not for me to comment on what went wrong at La Senza, as I’m a competitor retailer.”

The La Senza brand is owned by Victoria’s Secret owner Limited Brands.

Paphitis founded lingerie retailer Boux Avenue in 2011.

He said: “My baby now is Boux Avenue and we’ve been doing very well. It has 21 stores and there are three more opening in the next few months. Meanwhile, Victoria’s Secret has been opening stores, so there is a highly competitive lingerie sector here. And what with high property costs in the UK it’s not that easy to trade in the market.”

Paphitis said he is aiming to expand Boux Avenue beyond its original 25-store goal in the UK to more than 30 stores. And internationally, Paphitis is opening stores in Dubai and Libya this month, while he is planning further significant overseas expansion.

“We are incredibly pleased with Boux’s progress,” he added.