Alshaya, the Kuwait-based retail franchise operator has agreed to take control of the UK women’s retailer La Senza in a $155m deal.

The agreement drawn up by UK-based advisory firm KPMG includes control of La Senza’s 60 stores in the UK and franchise rights for the brand. Alshaya has committed $155m to an investment plan over the next two years, which will include new product collections and store redesigns.

“We are delighted to have reached an agreement to buy these La Senza stores – saving jobs, protecting a great brand for consumers and strengthening our UK presence and links. This is a strategic investment for us and a positive addition,” says Mohammed Alshaya, executive chairman of the Alshaya Group.

Alshaya currently operates 55 international brands in 19 countries with more than 2,000 stores.