Stephen Marks may just have winced yesterday when remembering his confident prediction in March that, despite a sharp fall in annual profits, French Connection was finally at the start of a “new phase” in its business cycle.

Instead, the fashion chain is in danger of becoming as well known for profit warnings as it is for its FCUK logo and a lesbian kiss in an advertising campaign last year. One thing that Mr Marks will not expect is an easy ride in the British media. After being hounded by tabloid reporters in 2004 during a divorce, the 60-year-old has kept the press at arm’s length.

That has not prevented serious newspapers portraying the French Connection story as one of the biggest successes in fashion retailing, even if it has been marred by events over the past three years.

The story began when, at 18, Mr Marks turned his back on tennis – he had played as a junior at Wimbledon – and began a career in fashion. His first job was at Leonard Sheraton, a coat manufacturer, then, after a short stint at Louis Feraud, the clothing designer, he set up on his own with a loan of £17,000.

On a trip to Paris, Mr Marks discovered that hotpants were the latest craze. He bought more than 2,000 pairs and sold them to Miss Selfridge, becoming the self-styled “Hotpants King”.

The first French Connection store opened in 1972 and the chain now operates across America, Europe, Japan, Australia and the Middle East. The famous FCUK campaign was launched in 1997, when an advertising agent noticed that the group signed its faxes that way.

The joke wore thin and French Connection’s fall from grace was complete last summer when it reported its first loss at interim results. At the time Mr Marks called it a “blip”. As a 40 per cent shareholder in the business, he will be hoping for a rapid return to style.