Zimmermann becomes Australia’s first billion-dollar fashion label after private equity acquisition

Brand founders Simone and Nicky Zimmermann retain minority shareholding and say they and current management will continue to run the label

• Follow our Australia news live blog for latest updates
• Get our morning and afternoon news emails, free app or daily news podcast

Zimmermann has become Australia's first billion-dollar fashion label after a majority acquisition by private equity firm Advent International.

The label's founders, sisters Simone and Nicky Zimmermann, have retained a minority shareholding in the brand and said the company would continue to be run by them and current management.

Sign up for Guardian Australia's free morning and afternoon email newsletters for your daily news roundup