Advent International, one of the world's largest private equity investors whose portfolio includes brands like lululemon, Parfums de Marly and bareMinerals, has acquired a majority stake in the renowned Australian fashion brand Zimmermann.
According to a report by Bloomberg, the acquisition involves the purchase of the majority stake previously held by Italian investment firm Style Capital. Both Style Capital, which specialises in luxury brands, and the Zimmermann founding family will still maintain a relevant minority stake.
The sisters have a 30% stake in the business. Style Capital, which owns the remainder, bought the majority stake three years ago from General Atlantic for $408 million.
The new investment aims to accelerate Zimmermann's global expansion, particularly in Asia and the Middle East, while also enhancing its digital offerings and distribution network.
The financial terms were not publicly disclosed. Sources, however, say Advent has bought Zimmermann at approximately $1 billion, according to the Bloomberg report.
Founded in Sydney in 1991, Zimmermann is the brainchild of sisters Nicky and Simone Zimmermann. The brand's presence spans across the world, including Australia, the United States, the UK, Europe and China. It is known especially for its feminine designs and floral patterns, and have garnered widespread acclaim, from celebrities like Beyoncé, Kate Middleton and Katrina Kaif.
Talking about the acquisition, Nicky Zimmermann, who serves as the brand's chief creative officer, said in a statement, "There are so many exciting opportunities for Zimmermann ahead and Simone and I feel extremely fortunate to be going on this journey with our team, one that started nearly 30 years ago at Paddington Markets in Sydney.”
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