In one of the latest deals in the fashion boutique sector, Apparel Group Australia has bought Willow, designer Kit Podgornikâs luxury fashion and lingerie label.
There is an overall decrease in retail spending in Australia, and the countryâs boutique fashion sector is witnessing a downtrend for over a year. In July this year, jeans label Bettina Liano was put into administration, followed by Belinda International in last week of August.
The present downtrend is being seen as a good investment opportunity by several larger companies and department stores, which are showing interest in acquiring valuable brands. Earlier this year, Myer acquired Sass & Bide for over AUD 40 million.
Fashion label Willow was unveiled at the Australian Fashion Week in 2003. Currently, it has three boutiques, one in Sydney and two in Melbourne. Its products are also sold globally at David Jones and other stores.
Apparel Group , the new owner of Willow, is home to the iconic Australian fashion brands Sportscraft and SABA.