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The popular Australian luxury brand Zimmermann has been bought by Advent International, a big global private investment company. The brand is known for its pretty dresses and swimwear with unique designs and prints. It was founded by sisters Nicky and Simone Zimmermann in 1991 and is headquartered in Sydney. They have many stand-alone stores across the world including Australia, UK, US, Europe and China. The exact amount of money for the deal wasn't shared.
Milan-based investment company called Style Capital acquired 70 percent of Zimmermann in 2020 for a reported 408 million Australian dollars from its previous owner General Atlantic, an American based private equity firm which is now acquired by the Advent. Currently, the Zimmermann family owns 30 percent stake in the business.
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