Luxury goods group Richemont has acquired lifestyle brand Peter Millar in a private transaction for an undisclosed amount.
The deal is expected to be completed in October but will have no material impact on Richemont’s consolidated net assets or operating result for its full financial year, ending March 31.
Swiss group Richemont owns luxury fashion brands including Chole, Alfred Dunhill and luxury etailer Net-a-Porter.
Peter Millar’s chief executive Scott Mahoney said the deal offered “a wonderful opportunity” to build the brand globally.
“We look forward to working with Richemont and the association with their prestigious family of brands,” he added.
Peter Millar was previously backed by private equity firm Winona Capital Management.
Founded in 2001, Peter Millar is distributed globally in North America, Europe, Asia, Australia and the South Pacific.