Australian bagmaker Olga Berg is still hunting for the right buyer after calling on FTI Consulting to oversee its sale process back in October last year.
Speaking with Ragtrader this week, creative director Kelly Lippman and CEO Mark Lippman said the decision to initiate the sale process was driven by "strategic considerations" aimed at reinforcing the growth and sustainability at Olga Berg.
“We believe this step will open up new possibilities for the brand, allowing us to reach more customers to enjoy our products,” the pair said.
“As of now, there are no specific updates on the sale process. We have been fortunate to speak to interested parties, however for us it is about finding the right opportunity for the business.”
The handbag brand was established in 1987 by Olga Gartenberg, selling bags, clutches and headpieces for women.
In 1998, Kelly Lippman took over from Gartenberg as creative director, while her husband Mark - and son of Gartenberg - took over the reins of the business as CEO in 1989.
Today, Olga Berg is sold through 250 doors in Australia, and around 470 globally.
“Australia continues to be a vital market for Olga Berg, and its position remains strong compared to historical performance,” Mark and Kelly said.
“The United States is growing rapidly supported by customers such as Nordstrom and Revolve and sales will exceed Australia this year.
“Covid had a significant impact on our European business where Italy was the strongest market. This is returning more slowly.”
The pair said the popularity of Olga Berg in Australia is attributed to the brand’s product offering.
“This distinctiveness sets us apart and resonates well with the discerning Australian fashion taste,” they said. “The global appeal of Olga Berg lies in our ability to blend fashion-forward designs that are versatile and timeless.”
Regarding its online portal, Mark and Kelly said it is constantly changing.
“Online has been growing very strongly, especially during COVID, but the growth in our US business post-COVID has also been very strong as the brand is resonating in the US market and this in turn supports the growth of our online business in the US and other markets.
“This omnichannel approach allows us to reach a diverse customer base, as we continue to see significant growth year on year.”
The key opportunities ahead for Olga Berg include expanding emerging markets, leveraging digital marketing strategies and exploring sustainable practices to align with evolving consumer preferences, according to Mark and Kelly.
“Olga Berg is actively exploring collaborations with influencers and collaborators, investing in technology to enhance the online shopping experience, and working towards growing our product offering, including a more sustainable and eco-friendly footprint,” they said.
“We're excited about the future and remain dedicated to delivering quality and style to our valued customers.”