Milan-based investment fund Style Capital has acquired a majority stake in Australian luxury brand Zimmermann.

The label, founded in Sydney in 1991 by sisters Nicky and Simone Zimmermann, operates 19 stores in Australia and is internationally known for its upmarket swimwear collections.

“We are excited to partner with the team at Style Capital as we continue on our journey to build a unique global luxury brand from Australia. For Simone and I, Zimmermann has taken us to places that we never thought possible when we started,” creative director Nicky Zimmermann told WWD.

“We live and breathe our brand and love what we do - it’s a privilege to work with so many incredibly creative and talented people each day. We are so excited by what lies ahead and look forward to working collaboratively with our new partners.”

Style Capital snaps up stake in Zimmermann

Style Capital CEO Roberta Benaglia said the company bought a 70 percent stake in Zimmermann, while the brand’s founding family will retain the remaining 30 percent, according to FashionNetwork.

A price tag for the transaction, which is expected to be completed by the end of the year, has not been disclosed.

Commenting on the deal, Benaglia told WWD: “I consider this partnership with Zimmermann a real privilege for Style Capital. In recent years, I have followed the brand’s growth path with admiration, thinking how brave and talented these two Australian sisters have been in taking their luxury vision from Australia to the rest of the world. Our aim is to invest in talented people and their brands.”

Style Capital's portfolio of fashion investments already includes brands Forte_Forte, Re/Done and MSGM.

As part of the newly-announced deal, US private equity firm General Atlantic, which acquired a minority stake in Zimmermann back in 2016, will exit the company.

“We are grateful to General Atlantic for its valuable support as a partner to us over nearly five years, during what has been an exciting and unprecedented phase of growth,” said Zimmermann CEO Chris Olliver.

“Despite the recent global challenges, the business has shown great resilience and ensured that we are uniquely positioned for future expansion and success. We look forward to partnering with Style Capital, a successful and like-minded investor, as we build on our long-term vision and our ambitions for the brand.”

Want to stay up-to-date on the latest developments in the fashion industry? Sign up for the FashionUnited newsletter!

Photo credit: Zimmermann