Details of the deal have not been officially announced, and it is expected to close by the end of the year.Style Capital will take a 70% stake in the Zimmermann brand, while The Zimmermann founding family will retain the remaining 30%.
Foreign media recently reported that Style Capital, a Milan-based investment fund, has announced to buy a majority stake in Zimmermann, an Australian luxury brand.Details of the deal, which is expected to close by the end of the year, have not been officially released.Style Capital will take a 70% stake in the Zimmermann brand, while The Zimmermann founding family will retain the remaining 30%.
Although the price has not been officially announced, Style Capital said earlier this year that it wanted to buy 75% of Zimmerman for €250m, but the deal was cut short by the outbreak.Currently, Zimmermann is valued at more than 300 million euros, or about 2.4 billion yuan, according to people familiar with the matter.
Australian luxury brand Zimmermann has been bought by investment fund Style Capital
Zimmermann is a famous clothing brand in Australia. It was founded by two sisters Simone Zimmermann and Nicky Zimmermann in Sydney in 1991.After more than 20 years of development, the brand has become a very famous clothing brand in the Fashion industry, especially under the favor of the Duchess of Cambridge and other celebrities, quickly swept the world.Among Zimmermann's clothing products, swimsuit series is very famous. Its high-grade swimsuit products are welcomed by consumers all over the world and enjoy an extraordinary reputation in the world.
In 2016, Zimmermann's brand received some investment from General Atlantic, an American private equity firm, and subsequently, Zimmermann's expansion in the global market, especially the U.S. market, accelerated.With backing from General Atlantic, Zimmermann not only opened an office in New York, but also moved the show from Sydney to New York Fashion Week.Currently, Zimmermann has 13 stores in the United States and five in Europe.In its home market in Australia, Zimmermann has 19 stores.Zimmermann also hopes to open two new stores in Cannes and Rome in 2021.
Australian luxury brand Zimmermann has been bought by investment fund Style Capital
General Atlantic, which has helped Zimmermann grow rapidly for nearly five years, will launch the Zimmermann after the deal closes.In the future, Zimmermann will continue to develop with the help of Style Capita.
Chris Olliver, Zimmermann's CHIEF executive, said: "We are grateful to General Atlantic for their invaluable support as a partner, allowing us to grow at an unprecedented rate over the past five years."
"While we continue to face challenges and uncertainties as a result of the outbreak, our business has shown tremendous resilience, which ensures that we remain successful and uniquely positioned for future market expansion.Style Capital is a very successful and like-minded investment firm, and we look forward to partnering with Style Capital in the future as we continue to work to achieve the brand's long-term vision and goals."
