Zimmermann becomes Australia’s first billion-dollar fashion label after private equity acquisition

Zimmermann designs at a show in Paris, France, last year. The fashion label has been valued at about A$1.76bn after having a majority stake acquired by private equity firm Advent International. Photograph: WWD/Penske Media/Getty Images

Zimmermann has become Australia’s first billion-dollar fashion label after a majority acquisition by private equity firm Advent International.

The label’s founders, sisters Simone and Nicky Zimmermann, have retained a minority shareholding in the brand and said the company would continue to be run by them and current management.