Zimmerman sells majority stake in record-breaking deal
Luxury fashion brand Zimmerman has sold a majority stake to Advent International in a one billion dollar deal – a first for an Australian label
Private equity firm Advent International has acquired a majority stake in Australian fashion brand Zimmermann from Style Capital.
Style Capital and Zimmermann’s founding family will retain significant minority stakes in the company, according to a statement today confirming an earlier report by Bloomberg News.
Financial details weren’t disclosed. The transaction values Zimmermann at about $1 billion (€913 million), said people familiar with the matter, who asked not to be identified discussing confidential information.
Sisters Nicky and Simone Zimmermann founded their namesake label in 1991 in Sydney. They own a 30 per cent stake in the business, while Style Capital owns the remainder. The Italian firm bought the majority stake in 2020 from General Atlantic for $408 million (€372 million).
“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,” Nicky Zimmermann, co-founder and chief creative officer, said in the statement.
This is the second large deal this year for a big Australian brand. French skincare giant L’Oréal agreed in April to acquire luxury cosmetics brand Aesop, which was founded in Melbourne, for an enterprise value of $2.53 billion (€2.3 billion).