Dragon’s Den star has decided to set up a new lingerie chain months after quitting the La Senza board.
Greek Cypriot Paphitis took the step after he had a disagreement with the firms private equity owner and has hired a former La Senza director to spearhead his new operation, which will be known as DNA Lingerie.
The bubbly entrepreneur announced earlier this week that 2010 could well be one of the most successful to start up new businesses and he has now made his first step.
Jones Land LaSalle property agent Guy Grainger has been hired by Paphitis to secure 30 shops and with property prices at an all-time low the Ryman owner can be sure to snap up great properties at extremely low rates.
Paphitis bought La Senza in 1998 for £1 but in 2006 he sold it for a whopping £100m only to return to the board last February after a boardroom clear-out. He then tried to buy back a majority stake but was unable to agree terms and left last May.
Retail experts have said that in setting up a new lingerie business it actually would work out cheaper than buying back La Senza.