Advent International has secured a majority stake in Australian luxury fashion brand, Zimmermann, from Italian private equity firm Style Capital for an undisclosed amount. The Zimmermann family and Style Capital will retain a significant minority stake in the company with the founders and management team continuing to drive the brand’s growth.

Financial details weren’t disclosed, however news publication Bloomberg claims the transaction values Zimmermann at about $1bn, according to people familiar with the matter, who asked not to be identified discussing confidential information.

Advent International’s investment is said to aid Zimmermann’s expansion and global presence in key luxury markets such as Asia and the Middle East.

The collaboration is also expected to help grow the brand’s product offerings and strengthen its digital and omnichannel presence.

Advent International managing partner Ranjan Sen said: “We look forward to supporting the management team around the CEO, Chris Olliver, and Nicky and Simone Zimmermann, to help build on the company’s strong foundations and deliver superior continuous growth.”

Olliver welcomed Advent International’s involvement, acknowledging its expertise in elevating luxury brands.

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Style Capital CEO Roberta Benaglia added: “Early in our conversations with the Advent team, it became clear that they recognised the considerable potential within the brand and shared a common vision for further expansion over the long-term.”

Drawing from its experience in the consumer sector, Advent International’s portfolio includes investments in perfume and beauty brands as well as athletic apparel retailer Lululemon Athletica.