Who took over the Zimmermann brand

From the bikini sewn in the home garage to the Paris catwalks, through the Italian acquisition by Style Capital and now Advent International, one of the world’s largest private investors. Australian luxury fashion brand Zimmermann is also preparing to conquer Asia and the Middle East. Facts, figures and forecasts

Australian luxury fashion brand Zimmermann is coming under the control of Advent International, one of the world’s largest private investors, which acquired a majority stake from Italian fund Style Capital.

As already suggested, the move was in the air at the end of July, and although the financial terms of the agreement were not disclosed, rumors reported MF Fashionthe operation costs about 1 billion euros.

HISTORY OF ZIMMERMANN

Bohemian, soft and wide dresses in delicate colors that do not disdain even the warmest and brightest. Light ruffles and ruffles that will make you fly away to the sea, perhaps to the Australian beach where the brand of sisters Nicky and Simone Zimmermann was born.

As you remember Elsuccess was foretold in unsuspecting times, as Sydney Morning Heraldwho wrote, “If Sydney were a woman, she would be tanned, daring and dressed in a Zimmermann bathing suit.”

Founded in 1991, originally based in Sydney, the brand started with the symbolic element of summer and the holidays: the swimsuit, or rather the bikini, to then grow up and walk the runways in front of New York, and then in Paris during fashion weeks, conquering various celebrities , including Princess of Wales Kate Middleton, Kendall Jenner, Taylor Swift and Beyoncé.

A pair of sisters inherited their passion for fashion from their mother and German aunt, and like them, if one was a better sewer and the other a better artist, Niki is a mind that has been sewing clothes for women since she was a little girl. for herself and for friends, while Simone runs the business with Chris Olliver, Nicky’s husband and CEO of the brand.

ZIMMERMANN’S BUSINESS

In 2022 he reports MF FashionZimmermann’s revenue reached 237 million euros, turnover could exceed 296 million euros, and EBITDA in 2023 will exceed 80 million euros.

ITALIAN ADVENTURE WITH STYLISH CAPITAL

The agreement with Advent International comes less than three years after the previous acquisition by Italian fund Style Capital led by Roberta Benaglia.

“At the end of 2020,” the fashion network – The fund acquired almost 70% of Zimmerman’s capital from the American investment company General Atlantic for about 300 million euros. At that time, the company’s turnover was 148 million euros. Since then, Zimmermann has expanded throughout the United States and Europe, including Italy, bringing the total number of stores worldwide to 58.

The article also mentions that Style Capital has a rich portfolio ranging from most of Forte Forte to MSGM, Re/Done and LuisaViaRoma.

AGREEMENT WITH ADVENT INTERNATIONAL

Returning to today, announcements of a possible agreement with Advent International, which, according toAustralian Financial Review already at the end of July, he made himself an unsolicited offer of 1.75 billion Australian dollars, it materialized. The private equity fund effectively acquired a majority stake in Zimmermann, which, however, will continue to be run by the sisters, who, along with the family and Style Capital, the note elaborates, will retain a “significant minority stake.”

“The cost of the operation was not disclosed,” he writes. MF Fashion “But based on results from last fiscal year and projections for the current one, the label is valued at around A$2 billion (€1.19 billion).”

The sellers were assisted in the deal by Rothschild and Mediobanca.

ASIA AND MIDDLE EAST GOAL

The investment by Advent International, which has more than 400 investments in international companies (primarily in the technology sector), will allow Zimmermann to sustain growth by accelerating the brand’s international expansion in the major luxury markets where it currently has a presence and where it will go. in the future, such as Asia and the Middle East, to further expand the offering of product and accessory categories, as well as to strengthen the online and multi-channel distribution model.

The fund also builds on its recent investments in Parfums de Marly and Initio Parfums Prive’s, as well as investments in Douglas, Orveon (owner of the beauty brands bareMinerals, Buxom and Laura Mercier) and Lululemon (a leading sportswear and yoga retailer).