Lingerie brand Agent Provocateur has been bought by private equity firm 3i in a £60 million deal.
The firm's co-founder Joseph Corre, son of fashion designer Vivienne Westwood, will stay on as creative director.
His wife and Agent Provocateur co-founder Serena Rees is leaving the business.
The couple are retaining a minority stake in the firm which they launched together in 1994.
Agent Provocateur, which includes an outlet at Selfridges in Birmingham, sells lingerie, perfumes and shoes in 14 countries. Hamleys Group chairman and former Body Shop deputy chairman Stuart Rose has been appointed chairman of the firm following the buyout.
Mr Corre said: "This new phase in the development of Agent Provocateur will give us the operational and financial platform to realise the company's potential so that it takes its rightful position as the world's most dynamic luxury lingerie brand."
There will be no redundancies as a result of the buyout, Agent Provocateur said.
Jennifer Dunstan, 3i partner and newly appointed non-executive director of the lingerie firm, said: "We believe there is enormous potential for the business to grow."