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Gresham acquires Witchery fashion chain

25
Jul '06
Gresham Private Equity announced that it had reached agreement to acquire Witchery, one of Australia's most recognized and respected fashion bra and from Lew Investments Pty Ltd.

Witchery has more than 900 staff, 75 stores in six States and Territories, and is the winner of numerous industry awards including Retailer of the Year; Fashion Brand of the Year and Marie Claire 'Readers Choice Award' for Best Australian Fashion Brand.

GPE's Managing Director, Roy McKelvie said: Gresham is delighted to have invested in Witchery a s it is such a highly respected Australian fashion label.

We believe the strength of the Witchery brand and product offer provides exciting opportunities for growth which we are commit ted to achieving.

I am very pleased to announce the appointment of Iain Nairn as the new Chief Executive Officer of Witchery. Iain has an outstanding record in both the UK and Australia in fashion and accessory retail management including with Next, River Island, Laura Ashley and Colorado.

Nairn said: I am extremely excited to have the opportunity to work with one of the leading bra ands in Australian fashion. I look forward to working Gresham Partners Limited with the existing management team and Gresham as we continue to build on the business's many strengths.

Nairn will lead a very strong Executive Management team at Witchery.

Peter Lew said: Witchery is a very strong brand and business with a team of professionals and dedicated staff who have worked tirelessly to achieve the high level of customer acceptance and industry recognition that Witchery now enjoys. I am very confident that Gresham will take Witchery to the next stage of growth.


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