Australian clothing group Country Road today (31 August) said that it has raised around A$92m (US$95m) through a new rights issue.

The company said the issue was oversubscribed, with approximately 99% of entitlements taken up by eligible shareholders.

The proceeds will be used to fund the group's acquisition of Australian retailer Witchery from Gresham Private Equity for A$172m. The business includes the Witchery and Mimco accessories brand. Witchery operates 210 stores, while Mimco has 96 outlets.