Witchery to be acquired

Australian fashion retailer Country Road has moved to acquire Witchery Group.

Country Road will fork out $172 million for the group, which it will purchase from private equity firm Gresham.

The sale is expected to be finalised in October, including 210 Witchery stores and 96 Mimco sites.

A number of executive roles will be reshuffled as part of the transaction, with Country Road chief executive Howard Goldberg stepping down from his role.

Witchery chief executive Ian Nairn will assume the position and will be appointed to the board of Country Road, along with chief financial officer Oliver Kysela.

Country Road chief financial officer David Thomas will become chief operations officer of Witchery.

Witchery posted revenue of $266 million for the 2011 financial year.

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