Australian luxury fashion brand Zimmermann has been acquired by private equity investment firm Advent International, as the Sydney-based label looks to accelerate its international expansion in existing and new key luxury markets, such as Asia and the Middle East.
Financial details of the deal were not disclosed.
Under the terms of the deal, Advent will acquire a majority shareholding in Zimmermann from Style Capital, who together with the brand’s founding sisters Nicky and Simone Zimmermann, will retain a minority shareholding. The founders and the Zimmermann management team will continue to drive the brand’s future growth.
In addition to expanding its physical retail footprint, Zimmermann will use the investment to further grow its product categories and accessories, and strengthen its online and omni-channel presence.
“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,” said Nicky Zimmermann, chief creative officer and co-founder.
“For us, the opportunity to work alongside so many talented and passionate people each day is a privilege and there is so much we want to achieve together. We look forward to working collaboratively with our new partners to achieve our shared ambitions for the brand, with our loyal clients at the centre of that vision.”
Advent said it will “leverage its considerable experience within the consumer sector,” which includes the recently signed investment in Parfums de Marly and Initio Parfums Privés, as well as investments in Douglas, Orveon (owner of the BareMinerals, Buxom, and Laura Mercier cosmetics brands), and Lululemon Athletica.
“Zimmermann presents a rare and exciting opportunity to acquire a fast-growing iconic luxury fashion brand with significant potential for further expansion,” said Ranjan Sen, managing partner at Advent International.
“The Zimmermann team have successfully created a distinctive and desirable global luxury brand, which has built a loyal customer base around the world. We look forward to supporting the management team around the CEO, Chris Olliver, and Nicky and Simone Zimmermann, to help build on the company’s strong foundations and deliver superior continuous growth.”
Founded in 1991 by sisters Nicky and Simone Zimmermann in Sydney, Zimmermann currently has some 60 stand-alone stores across Australia, the U.S., the U.K., Europe and China, along with wholesale distribution in department and specialty stores, online luxury fashion retailers and Zimmermann.com.