Zimmermann sisters Simone and Nicky, have revolutionised the Australian fashion industry with their impeccable designs and sophisticated aesthetics. Now, the label has become Australia’s first billion-dollar fashion brand, after a majority acquisition by private equity firm Advent International.
After a majority acquisition by private equity firm Advent International, Zimmermann has become Australia’s first billion-dollar label.
Founders sisters Simone and Nicky Zimmermann will continue to run the company with their current management. They have also retained a minority stake in the company.
Italian private equity firm, Style Capital, sold the majority of its stake to Advent International. Per Reuters, the transaction values the brand at approximately 14 times its core profit, or approximately US$1.15 billion (A$1.76 billion).
Advent’s investment enables international expansion, including in Asia and the Middle East. In addition, it assists to strengthen its distribution network, including e-commerce, according to a joint statement by Advent, Zimmermann, and Style Capital.
Sydney operations are not likely to be affected by the deal. Rajan Sen of Advent International says: “We look forward to supporting the management team around the CEO, Chris Olliver, and Nicky and Simone Zimmermann.”
A Growing Legacy
The label, famous for its luxurious swimwear and resortwear, began as a kiosk at Sydney’s Paddington markets in 1991.
These days, however, there are currently 58 Zimmermann boutiques across the globe. This includes 22 in Australia and 22 in the United States, as well as a presence in leading department stores. As the label’s legacy continues to grow, it cements its position as one of Australia’s most influential and beloved fashion labels.
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