Fin24

Richemont to acquire Peter Millar

2012-09-21 09:20

Johannesburg - Swiss based luxury goods group Richemont [JSE:CFR] and leading investor in consumer and retail brands in the lower middle market‚ Winona Capital Management LLC‚ have agreed for Richemont to acquire Peter Millar LLC‚ a US-based‚ international luxury apparel business‚ in a private transaction.

The acquisition by Richemont will position Peter Millar for its next stage of development and growth.

“We are incredibly fortunate to have partnered with Winona Capital. Together we have developed and built the Peter Millar brand‚ expanded the product range‚ and grew sales and distribution‚” said Scott Mahoney‚ CEO of Peter Millar.

“Now partnering with Richemont represents a wonderful opportunity for Peter Millar to continue to build the brand globally under Richemonts stewardship. We look forward to working with Richemont and the association with their prestigious family of brands.”

The transaction is expected to close in October 2012 and will have no material impact on Richemont’s consolidated net assets or operating result for the year ending March 2013.

Founded in 2001‚ the Peter Millar line embraces timeless elegance using only the highest quality materials. With a studio and design centre in Raleigh‚ North Carolina as well as business operations in Durham‚ North Carolina‚ Peter Millar is one of the fastest growing and most sought after brands in the lifestyle apparel market.

Global distribution includes North America‚ Europe‚ Asia‚ Australia and the South Pacific.


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