It has been reported that Theo Paphitis has sensationally quit the board of La Senza, the lingerie chain, after a bust-up with its private-equity group owner, Lion Capital. It is believed the star of BBC’s hit buisness reality show Dragons’ Den resigned from the board on June 1 after differences of opinion over how the lingerie business should actually be run. Paphitis had only returned to the helm back in February of this after a major boardroom clear-out that saw Rose Foster, its chief executive, leave.
At the time La Senza saidthat Theo Paphitis’s “significant experience” in the retail sector would really help to ensure the company was well placed to address the next phase of its expansion in the current difficult economic climate.
Two months later it emerged that Paphitis had entered talks with Lion to buy a majority stake. He sold La Senza to the private-equity group for £100m in 2006.
It is no real secret that La Senza are in a world of trouble and this year may see them disappear off the high street for good.
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