Richemont will acquire Peter Millar, a US-based, international luxury apparel business, in a private transaction. 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 31, 2013.
Founded in 2001, lifestyle apparel Peter Millar global distribution includes North America, Europe, Asia, Australia and the South Pacific. 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 grown sales and distribution,” said Scott Mahoney, Chief Executive Officer of Peter Millar. “Now partnering with Richemont represents a wonderful opportunity for Peter Millar to continue to build the brand globally under Richemont’s stewardship. We look forward to working with Richemont and the association with their prestigious family of brands.”
Richemont owns a portfolio of leading international brands, grouped in five areas: Jewellery Maisons, being Cartier and Van Cleef & Arpels; Specialist watchmakers, being A. Lange & Söhne, Baume & Mercier, IWC, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin, as well as the Ralph Lauren Watch and Jewelry joint venture; Montblanc Maison; Other Businesses, which include Alfred Dunhill, Chloé and Lancel; as well as other watch component manufacturing activities for third parties.