Richemont to acquire clothing company
Geneva--Luxury goods conglomerate Compagnie Financière Richemont SA is buying Peter Millar LLC, a North Carolina-based apparel company that sells men’s and women’s clothing, shoes and accessories.
The transaction is private and no financial details have been disclosed. Richemont will take ownership from Chicago-based private equity firm Winona Capital Management LLC, which bought the company in 2008.
“Partnering with Richemont represents a wonderful opportunity for Peter Millar to continue to build the brand globally under Richemont’s stewardship. We look forward to working with Richemont and the association with their prestigious family of brands,” Peter Millar CEO Scott Mahoney said.
Brands under the umbrella of Geneva-based Richemont include jewelers Cartier and Van Cleef & Arpels as well as the watch brands Jaeger-LeCoultre, IWC, Baume & Mercier and Officine Panerai, among others.
Founded in 2001 by Chris Knott, the company, which has a design studio in Raleigh and business operations in Durham, sells men’s work and casual attire, women’s wear, golf apparel and is licensed to produce higher-end collegiate wear for a number of colleges and universities.
The transaction is expected to close next month. Robert W. Baird & Co. acted as an advisor to Peter Millar on the deal.