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
“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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