The Glasgow-born entrepreneur announced on social media that, after becoming “disappointed” with the industry, she plans to launch a new underwear line next year and has vowed it will be bigger than her previous company, Ultimo, which became a global brand featuring top models including Penny Lancaster and Rachel Hunter.
Posting on Twitter, Ms Mone said: “Breaking News...I invented 17 worldwide inventions and became one of the biggest names in the lingerie industry.
“After a three year break and being disappointed with the industry I’m coming back with a bang.
“My own brand will launch in 2018 & will be bigger than all the others, including Ultimo.”
Ms Mone was appointed a Conservative peer in 2015.
Earlier this year it was revealed a company used by Mone to sell fake tan was worth less than £25,000, according to accounts.