Milan-based investment firm Style Capital has acquired a 70% stake in Australian luxury label Zimmermann.
"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," creative director Nicky Zimmermann told WWD.
"For Simone and I, Zimmermann has taken us to places that we never thought possible when we started.
"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," she said.
According to reports, the deal sees the Zimmermanns retain the remaining 30% stake in the business, while US private equity business General Atlantic - which acquired a minority stake in the business in 2016 - will exit.
Zimmermann CEO Chris Olliver thanked General Atlantic for its contribution to the business.
"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.
"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," he said.
Style Capital CEO Roberta Benaglia added that the business is excited to begin its partnership with Zimmermann.
"I consider this partnership with Zimmermann a real privilege for Style Capital," she told WWD.
"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," she said.
Style Capital's portfolio contains other fashion investments including Forte_Forte, MSGM and Re/Done.
Zimmermann is based in Sydney and operates 40 stores worldwide.
It was founded in 1991 by sisters Nicky and Simone Zimmermann.