It has been announced that with immediate effect, Fabrizio Malverdi will be the new chief executive at Agent Provocateur.

With over 15 years’ experience in luxury retail, Mr Malverdi’s previous roles have included managing director of Dior Homme, of Christian Dior Couture, and before that he was CEO of John Galliano SA, having started his career with brands such as Calvin Klein, Vivienne Westwood and Martin Margiela.

Mr Malverdi said he was looking forward to be joining “a very successful business with a unique heritage" and "working with the existing management team to lead Agent Provocateur in the next phase of its growth, consolidating its position as a key player in the luxury fashion sector.”

3i, the private equity group who own Agent Provocateur had considered a sale for the company and Chris Woodhouse, chairman hinted towards this when Garry Hogarth, ex-CEO stepped down in February. Mr Woodhouse said at the time: “It would be reasonable to expect that whoever takes it on will be with 3i during the next phase, but we won’t be selling any time soon and certainly not this year.”

A source has revealed that 3i “concluded there is still lots of growth to be had, and there are no immediate plans to sell.”