admin US private equity investor Advent International has acquired a majority stake in Australian luxury label Zimmermann.
Advent takes over from Milan-based investment fund Style Capital, which took control of Zimmermann back in 2020.
Style Capital and the Zimmermann family will retain a significant minority shareholding following the deal.
Additionally, Zimmerman’s management team and founding sisters Nicky and Simone will “continue to drive the brand’s future growth”, the companies announced Tuesday.
While the financial terms were not disclosed, two people close to the matter said the deal values the brand at around 1.15 billion dollars, Reuters reports.
International expansion
The new investment will allow the Sydney-based label to accelerate its international expansion in new and existing markets such as Asia and the Middle East, it said.
It will also help the brand broaden its product categories and strengthen its online and omni-channel presence, the companies said.
Commenting on the news in a statement, co-founder and chief creative officer Nicky Zimmermann said: “We are really excited to partner with the teams at Advent and Style Capital as we continue on our journey to build a unique global luxury brand from Australia.
“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.”
Ranjan Sen, a managing partner at Advent International, said, “Zimmermann presents a rare and exciting opportunity to acquire a fast-growing iconic luxury fashion brand with significant potential for further expansion.
“The Zimmermann team have successfully created a distinctive and desirable global luxury brand, which has built a loyal customer base around the world.”
