The founders retain minority stakes, though only Joseph Corré remains with the business as creative director, while his wife Serena Rees is to ‘pursue other opportunities’.

The terms of the deal with 3i were not disclosed, although the firm is widely reported to have paid £60 million for the business.

3i has introduced Stuart Rose as chairman. Rose, who previously held the positions of deputy chairman and managing director at high-street cosmetics retailer The Body Shop, and is currently chairman of toys group Hamleys.

Jennifer Dunstan, buy-outs partner at 3i, says that Agent Provocateur is already well established throughout Europe, adding: ‘We believe there is enormous potential for the business to continue and grow, and look forward to using both our retail experience and our global network to help it achieve this ambition.’

Corré, the son of fashion designer Vivienne Westwood, and Rees founded Agent Provocateur in the Soho district of London in 1994. Its products, which now include perfumes and shoes as well as underwear, are sold in 14 countries.

In the year to March 2006, the company reported turnover of £8.9 million and a pre-tax loss of £208,000.