London-based private equity firm 3i Group Plc is exploring the sale of British luxury lingerie retailer Agent Provocateur, the Financial Times reported on Thursday citing a source.

3i will appoint a financial adviser to run a competitive auction for Agent Provocateur, valued at about 200 million pounds ($337.5 million) including debt, the FT said citing a person with knowledge of the matter. (on.ft.com/1rL8uaw)

3i could not immediately be reached for a comment.

$1 = 0.5926 British Pounds