Footwear and apparel retailer and wholesaler Colorado Group Ltd has
acquired Diana Ferrari Pty Ltd, and will add this footwear brand to its Colorado and JAG brands.

The purchase price for Diana Ferrari includes $10.3 million for the trademarks and ongoing business, $4.5 million for inventory, and a conditional earn out of $3 million over two years.

Managing director of Colorado Group, Mr Rowan Webb, said key considerations in the deal had been the retention of the founder and key executive in the business, John Kirkhope, who had agreed to a three-year contract.

"Diana Ferrari is a great Australian footwear icon with an exciting future. The brand has recently been extended into women's clothing and accessories, with the launch of two Diana Ferrari branded concept stores in Melbourne, opening another source of potential growth."

Mr Webb said the acquisition fitted perfectly with the company's strategy of building a strong portfolio of mid-market brands.