• LORNA JANE: Founder welcomes private equity backers.
    LORNA JANE: Founder welcomes private equity backers.
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NATIONAL: Champ Ventures has acquired a stake in yet another domestic fashion retailer.

The private equity firm has agreed to acquire a significant minority stake in activewear chain Lorna Jane. The retail and wholesale business currently operates 72 stores across the country.

Founders Bill and Lorna Jane said they welcomed the financial and strategic support Champ Ventures could bring to their business.

"We are excited about the opportunities ahead for our business. Lorna Jane is Australia’s premier active wear label and we have experienced significant growth over the last few years.

"This opportunity...allows us to realise the potential in the active wear category both here in Australia and overseas."

Champ Ventures director Paul Readdy confirmed serious growth was on the cards.

"We are really looking forward to partnering with Lorna Jane management and continuing to expand the business."

Retail Apparel Group, which operates menswear retailers yd. and Tarocash, is also part of Champ Ventures' portfolio.

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