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Bakers acts on fashion sale
Baker & McKenzie has acted on an acquisition that will create one of Australia's largest speciality fashion retailers.
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Firms: Baker & McKenzie (Gresham Private Equity )
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Deal: Sale of Witchery Australia Holdings Pty Ltd (Witchery Group) to Country Road Limited (Country
Road)
Area: Corporate
Value: $172 million
Key players: The Baker & McKenzie team was led by partner Craig Andrade (pictured) and senior associate Tyson May, with assistance from partners Tim Sherman, Bryan Paisley and David Jones, and associates Andrew Zimmerman and Kenneth Wong.
Deal significance: Both leading brands, Witchery is one of Australia's leading speciality fashion retailers and Mimco (owned by Witchery Group) is a leading Australian accessories designer. This acquisition will create one of Australia's largest speciality fashion retailers.
“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,” said Andrade.
