Mimco takes a step in a new direction

 Australian leathergoods and accessory brand Mimco has again capitalised on its acquisition by private equity firm Gresham. The Prahran-headquartered company is set to broach into the footwear market this August, launching a range of trend-driven women's shoes through Mimco boutiques nationally.

The release will be fortified by the launch of an online store in July and the opening of an additional 10 Mimco stores throughout Australia within the next year. 

Mimco general manager of operations Greg Puchert said a second store was already confirmed to open in Perth over June, followed by sites in Mosman and Double Bay in Sydney.

"Mimco is about providing our woman with a creative design point of difference and making her feel like she has acquired something special," he said. "Footwear is a natural expansion to Mimco's product offering. We also believe there to be a space in our market for beautifully designed footwear."

Puchert said the new venture would represent 15 per cent of Mimco's overall business in the first two seasons. The footwear range would initially launch through a nationwide network of 24 boutiques, followed by a strategic wholesale alignment with department store David Jones. The collection, to be officially unveiled at a media launch next week, is set to retail from $189 to $799.

"Our inspiration and raw materials [for the debut range] are in line with our spring/summer 2008 range, particularly our handbags," Puchert said. "We are planning a consumer event in Melbourne to launch the line in early August."

Since its acquisition by Gresham Private Equity last year, Mimco has opened eight boutiques throughout Australia and created a series of limited edition bags and accessories. Gresham is the private equity arm of corporate giant Wesfarmers, which also owns and operates Australian womenswear chain Witchery. 

By Assia Benmedjoub