London - Sports Direct has issued a statement clarifying the recent sale and acquisition of Agent Provocateur, as a number of reports mistakenly stated the lingerie brand was acquired by the sportswear company.

Four Holdings, the company in which Sports Direct holds a 25 percent stake in, acquired Agent Provocateur last week through a pre-pack administration deal. It is also the parent company of Four Marketing, a high-end fashion agency which manages websites for premium brands and manages their flagship stores,

Prior to news of the sale being confirmed, several media reports stated the struggling lingerie retailer had been taken over by Sports Direct Mike Ashley in a flash pre-pack administration deal. Since news of the sale broke, several industry insiders have voiced concerned for the future of Agent Provocateur's stores and workers, including the co-founder of the brand Joe Corré, who labelled the deal "a disgrace to British business" and "preposterous".

In addition to shedding more light on the Agent Provocateur sale, Sports Direct also addressed a number of reports which stated they paid 35 million pounds two years ago for a stake in Four Marketing. In fact, Sports Direct only paid 8.75 million pounds for its stake in Four Holdings.

 

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