MILAN: Advent International has agreed to acquire a majority stake in Australian fashion brand Zimmermann from the founding family and Italian fund Style Capital, the private equity firm said on Tuesday.
The investment by Advent, the financial terms of which were not disclosed, will allow Zimmermann to speed up expansion abroad including in Asia and the Middle East, and boost its distribution network, including the digital offer.
Founded in Sydney in 1991 by sisters Nicky and Simone Zimmermann, the brand has grown in the last three decades to gain international recognition for its luxury swimwear and elegant floral prints reminiscent of still-life painting.
In addition to selling its clothing through top luxury retailers globally, Zimmermann runs a network of 58 monobrand stores in Australia, the United States, the UK, Europe and China. It also operates through its own website.
Retail and consumer goods are two of the sectors targeted by Advent, whose company portfolio include sports clothing maker lululemon, perfume brands Parfums de Marly and Initio Parfums Privés, and beauty retailer Douglas and make-up brands bareMinerals, BUXOM and Laura Mercier.
(Reporting by Valentina Za, editing Federico Maccioni and Eileen Soreng)