According to Italian financial publication Milano Finanza, Milan-based private equity Style Capital is negotiating the acquisition of a 75 percent stake in Zimmerman in an operation valued at about 250 million euros. The Australian brand was not reachable at press time Wednesday.
Founded in Sydney, Zimmermann’s global expansion began in 2016 with the establishment of a New York office and American investment from General Atlantic, which also helped finance Anita Dongre and Tory Burch. General Atlantic is currently in the process of exiting the Australian fashion brand.
U.S. doors in locations such as the Hamptons, Los Angeles and Las Vegas sprung up quickly, with the first London store opening in August 2017 and St. Tropez a year later. The brand now counts a total of 37 stores across Australia, the U.S. and Europe, including a location in Capri inaugurated last summer.
Zimmermann plans to open a boutique in Milan in March and is also eyeing locations in Rome and Porto Cervo. In all, there are seven openings in the pipeline this year, including three in the U.S.
Style Capital already has a stake in Italian brands Forte_Forte and MSGM, as well as in Los Angeles-based company Re/Done. According to speculation here, the fund has also been eyeing an investment in luxury footwear label Aquazzura, although no deal has been signed yet.