How Zimmermann became Australia's fashion unicorn
A new deal reported to be worth 1.75 billion underscores the brand's global dominance.
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A new deal reported to be worth 1.75 billion underscores the brand's global dominance.
If you were to think of one brand to perfectly encapsulate how the world views Australian fashion—breezily elegant, a touch of the flouncy and never too far from a body of water—it would be Zimmermann.
And judging by the deal just inked between American private equity investor Advent International to buy a majority stake in the business, to the reported tune of $1.75 billion, Zimmermann has sold Australian fashion to the world. The deal would make the brand into an official 'unicorn,' a privately-held brand with a value of over 1 billion.
Under the terms of the deal founders Nicky and Simone Zimmermann, alongside chief executive Chris Olliver, will stay with the brand to drive its future growth both in Australia and overseas.
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Nicky Zimmermann, chief creative officer and co-founder, said in a statement, “We are really excited to partner with the teams at Advent and Style Capital as we continue on our journey to build a unique global luxury brand from Australia. There are so many exciting opportunities for Zimmermann ahead and Simone and I feel extremely fortunate to be going on this journey with our team, one that started nearly 30 years ago at Paddington Markets in Sydney. For us, the opportunity to work alongside so many talented and passionate people each day is a privilege and there is so much we want to achieve together. We look forward to working collaboratively with our new partners to achieve our shared ambitions for the brand, with our loyal clients at the centre of that vision.”
Since launching 32 years ago, Zimmermann now has 58 stores around the world. This includes 22 stores in Australia, two in China and 22 boutiques across America. There are also stores in key Zimmermann locales dotted around Europe (think St Tropez and anywhere else you’d love to wear a tiered floral maxi-dress with an Aperol Spritz in hand).
As noted in The Australian, this expansion also includes Zimmermann’s new Paris head office. The sisters also made their debut on The List – Australia’s Richest 250 this year, published in The Australian this year.
In September this year the brand will return to the Paris Fashion Week schedule, following its debut in 2022—a switch from ten years of showing at New York Fashion Week. This too a sign of the brand’s global dominance.
Perhaps the real signifier of its success is that Zimmerman has always stayed true to its origins, continuing to evolve its aesthetic of elevated femininity and an embrace of frills, florals and embellishments.
“We have never had anyone to follow, so we have always had to forge our own path, and that has been good for us,” Nicky Zimmermann told WISH magazine in a December 2020 interview commemorating the brand’s 30th anniversary.
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Originally published as How Zimmermann became Australia's fashion unicorn
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