Direct-to-customer fashion business EziBuy has been sold to retail giant Woolworths.
The transaction is valued at NZ$350 million, and remains subject to approval from New Zealand’s Overseas Investment Office.
The current EziBuy shareholders will retain their shareholding in Max Fashions, a specialty retailer of women’s fashion in New Zealand.
EziBuy is a market leading direct to customer retailer of apparel and homewares, operating in Australia and New Zealand.
The business was founded by brothers Peter and Gerard Gillespie in Palmerston North in 1978 with a single retail store.
Today, the Auckland-based EziBuy services around 600,000 active customers each year, supported by a built for purpose B2C distribution facility, and contact centre.
EziBuy transacts over 50 per cent of its annual sales online, and now generates over 60 per cent of its total sales from customers in Australia.
Catalyst acquired its shareholding in EziBuy in 2007.