Founded by sisters Nicky and Simone Zimmermann in 1991 at Sydney’s Paddington Markets, Zimmermann has become an icon in the Australian fashion industry. Over the past month, rumours have surfaced that the brand was set to sell after an unsolicited bid from US equity firm Advent International.
Today, the brand has confirmed that it has reached a deal with the American investor. Under the terms of the acquisition, Advent will acquire a majority shareholding in Zimmermann from Style Capital that, together with the Zimmermann family, will retain a significant minority shareholding. The founders and the Zimmermann management team will continue to drive the brand’s future growth.
“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,” says co-founder Nicky Zimmermann, also the brand's chief creative officer. “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. 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.”
No figures have been confirmed but it is understood that the Australian fashion brand is valued at about $US1 billion (A$1.5 billion), according to the Australian Financial Review.
In 2020, Italian firm Style Capital bought a 70 per cent stake in the business from General Atlantic for US$408 million. The Zimmermann family retained the remaining 30 per cent.
The Sydney-born brand has established itself on the international fashion stage, historically showing in New York but debuting at Paris fashion week in September last year. Its latest collection recently arrived in stores and online.
The brand currently has 20 stores in Australia, two locations in China, 22 in the USA, 14 in the UK and Europe, and a roster of international stockists, including Mytheresa, Net-a-Porter, Selfridges and Harrods.
The news comes after Aesop sold to L’Oreal for a massive $3.7 billion in April this year, and more recently Bondi Sands sold to Japanese beauty giant Kao Corporation for $450 million.
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