Advent International partners with luxury fashion brand ZIMMERMANN to support continued global growth
Sydney, Paris, 8 August 2023 – Advent International (“Advent”), one of the world’s largest and most experienced private equity investors, today announces that it has reached an agreement to acquire a majority shareholding in ZIMMERMANN, the luxury fashion brand.
Founded by sisters Nicky and Simone Zimmermann and headquartered in Sydney, Australia, ZIMMERMANN has grown into a globally recognised iconic luxury fashion brand.
Under the terms of the acquisition, Advent will acquire a majority shareholding in ZIMMERMANN from Style Capital, who 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.
The investment from Advent will enable ZIMMERMANN to build on its strong multi-decade performance, by accelerating the brand’s international expansion in existing and new key luxury markets, such as Asia and the Middle East, to further grow its product categories and accessories, and strengthen its online and omni-channel presence. Advent will leverage its considerable experience within the consumer sector – which includes the recently signed investment in Parfums de Marly and INITIO Parfums Privés, as well as investments in Douglas (specialist retailer of premium beauty products, including perfumes), Orveon (owner of the bareMinerals, BUXOM, and Laura Mercier cosmetics brands), and lululemon athletica (premier specialty retailer of athletic and yoga apparel).
Commenting on the announcement, Ranjan Sen, Managing Partner at Advent International, said, “ZIMMERMANN presents a rare and exciting opportunity to acquire a fast-growing iconic luxury fashion brand with significant potential for further expansion. The ZIMMERMANN team have successfully created a distinctive and desirable global luxury brand, which has built a loyal customer base around the world. We look forward to supporting the management team around the CEO, Chris Olliver, and Nicky and Simone Zimmermann, to help build on the company’s strong foundations and deliver superior continuous growth.”
Chris Olliver, CEO of ZIMMERMANN, added, “We welcome Advent as a successful global and like-minded investor. They bring proven experience supporting luxury brands in taking this next step and we are thrilled by the opportunity to work together.”
Nicky Zimmermann, Chief Creative Officer and co-founder, said, “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. 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. 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.”
Roberta Benaglia, CEO of Style Capital, added, “We are delighted to partner with Advent and to continue to support the ZIMMERMANN team. Early in our conversations with the Advent team, it became clear that they recognised the considerable potential within the brand and shared a common vision for further expansion over the long-term.”
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 410 private equity investments across 42 countries, and as of March 31, 2023, had $95 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 290 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.
About Style Capital
Style Capital is an Italian private equity firm, with a focus on fashion and luxury industry, providing not only capital but also a business and strategic support to the portfolio companies.
Style Capital combines its sector expertise with a deep knowledge of European and Asian markets, supporting the growth of companies operating in the global market, whose distinguishing features are creativity, product quality and inimitability, selective distribution and innovation.
Due to its specific skills, in-deep knowledge of the target industries and a solid and outstanding track record, Style Capital aims to be the perfect shareholder for supporting the growth of the portfolio’s companies.
The following investments are part of the Style Capital track record: Twin-Set, Sundek, Golden Goose, forte_forte, MSGM, Re/Done and LUISAVIAROMA.
One glance and you know that dress or swimsuit is ZIMMERMANN. This iconic Australian luxury brand stays true to its original vision: sophisticated femininity, a passion for detail and a love of colour and print.
Sisters Nicky and Simone Zimmermann founded their namesake label in 1991. Early in its evolution, ZIMMERMANN took the bold step of fusing fashion with swimwear and presented it to the world. It immediately found its following with the fashion elite, creating a new point of reference in flattering, feminine and stylish resort wear.
The ZIMMERMANN collections have come to represent so much more than the original swimsuit with a complete wardrobe offering for the sophisticated, global, ZIMMERMANN woman.
ZIMMERMANN maintains a collection of 58 standalone stores across Australia, the USA, UK, Europe and China that reflect the brand’s modern and optimistic aesthetic. In the digital world, ZIMMERMANN has created a successful and dynamic online platform, ZIMMERMANN.COM. The brand also maintains a selective presence in the world’s most iconic and prestigious department stores, independent and online luxury fashion retailers.
For more information, visit www.zimmermann.com
Graeme Wilson or Harry Cameron
Tel: +44 (0)20 7353 4200
+39 02 45499848
Marie Claude Mallat
+61 418 206 920
+1 917 239 5191