Baker & McKenzie has advised Gresham Private Equity in relation to the sale of Witchery Australia Holdings Pty Ltd (Witchery Group) to Country Road Limited (Country Road).
Country Road has agreed to acquire the Witchery and Mimco fashion businesses for $172 million. Both leading brands, Witchery is one of Australia’s leading specialty fashion retailers and Mimco is a leading Australian accessories designer. This acquisition will create one of Australia’s largest specialty fashion retailers.
The Baker & McKenzie team was led by partner Craig Andrade and senior associate Tyson May with assistance of partners Tim Sherman, Bryan Paisley and David Jones; and associates Andrew Zimmerman and Kenneth Wong.
Commenting on the transaction, Baker & McKenzie partner Craig Andrade said, “Given the significant challenges in Australia’s retail environment, combined with a sharp and prolonged contraction in bank lending and volatile equity markets, this transaction is in fact a very good achievement for all parties. We were delighted to have worked with our client to achieve this result and hopefully it will provide a measure of confidence to the market in implementing transactions in these difficult conditions.”
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