Palmers flies the Austrian flag again
Palmers changes hands. The long-standing lingerie retail brand, at the head of a network with 300 affiliates, has recently been re-acquired by the brothers Marc, Tino and Luca Wieser, supported by local investment group Gernot Friedhuber. For several years the company was the property of investment funds Quadriga Capital, 21 Central Partners and Lead Equities.
The value of the transaction was not revealed. For Palmers, a new chapter is expected to open, with the arrival within its capital of some textile industry managers and retailers. Also, Gernot Friedhuber is a former director of Red Bull. Marc Wieser was notably Luciano Benetton's former personal assistant, and used to manage several Benetton franchised stores in Austria, including the Vienna flagship. Members of his family have also worked for Nike.
In other words, after years of rebuilding led by the investment funds, Palmers is expected to have a new road map towards expansion. The new owners are in fact already talking about international operations and a two-brand strategy, featuring Palmers alongside P2 Bodywear, which targets younger customers.
According to Austrian magazine Kurrier, in the fiscal year 2014-15, closed on 31st January, Palmers generated a revenue of €125 million, and an EBIT of €5 million. Palmers was founded in 1914 and employs a staff of 700 people, 550 of whom are based in Austria.
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