Rescue buyer of iconic Australian footwear brand Wittner revealed
Collapsed Australian footwear brand Wittner is poised for a revival, with a global shoe retailer set to acquire a majority stake in the iconic, century-old company.
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Collapsed Australian footwear brand Wittner is set to be rescued by a global shoe retailer who is looking to acquire the majority of the century-old business.
Administrators David Orr and Sal Algeri of Deloitte announced on Friday morning that the brand had entered into a “period of exclusivity” with Australian footwear giant The Shoe Group.
They said the proposed sale included the majority of the Wittner business.
The Shoe Group owns and operates several shoe retail brands, including Novo Shoes, Jo Mercer, Wild Rhino, and Spendless Shoes.
The privately owned company also has its own retail store network, direct online and marketplace sites, and wholesale customers.
Chairman Ian Unwin said he was excited about the opportunity to bring the Wittner into the The Shoe Group family.
“It is a brand with a proud legacy and strong customer following, and we look forward to supporting its continued success,” he said.
Deloitte Turnaround and Restructuring partner and transaction lead Daniel Demir said the proposed sale would support the continuation of the much-loved Australian business.
“We have worked closely with the Wittner team to maintain trading stability throughout the administration process and are pleased to make today’s announcement to secure the future of this iconic Australian brand,” he said.
Administrator Mr Orr said the proposed sale would deliver a positive outcome for all stakeholders, including employees, creditors, landlords, and concession partners.
“TSG brings deep sector expertise and integrated capabilities across manufacturing and retail, making it well placed to support Wittner’s future,” he said.
Administrators were first appointed in April to three businesses that trade under the Wittner brand – Wittner Group Holdings, Wittner Retail Australia and Wittner Retail New Zealand.
News Corp previously revealed the well known brand’s mountain of tax debt – totalling over $3m – but total liability figures are yet to be confirmed.
The Melbourne-based company, which specialises in fashion-forward, high-quality shoes and accessories for women, has a workforce of over 250 employees.
It has over 20 branded stores in Australia and New Zealand, over 25 concession stores across David Jones and Myer, and a multi-store e-commerce platform that trades across its own branded website, Myer, David Jones, and The Iconic.
It’s understood Wittner previously put itself up for sale in mid July 2023, amid a flurry of businesses hitting the market.
The company was established in 1912 by HJ Wittner, who opened its first store in Footscray, Victoria, and launched the first mail-order footwear business in the country.
The Wittner family has mostly been sold out of the business. It is now owned by British special situations investor Hilco Capital.
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