Mr Paphitis said: “I am delighted to join the University of Derby as their visiting professor of entrepreneurship.

“I will draw on my decades of business experience to support the university’s commitment to putting entrepreneurship front and centre, encouraging the students of Derby to turn ambition into opportunity.”

Mr Paphitis became well known for multiple retail, property and finance businesses, including global lingerie brand Boux Avenue.

The university said Mr Paphitis will “inspire the next generation of business leaders” in his new position.

Professor Kathryn Mitchell, vice-chancellor and chief executive of the University of Derby, added: “[Mr Paphitis] is a highly respected entrepreneur, influential in the business world, known for his remarkable track record of success including Robert Dyas, Boux Avenue and Ryman Stationery.

“Insights and learning from Theo will be an invaluable asset to our institution. We are excited about the positive impact he will have on our student community.”