MELBOURNE: Australian wholesale group Mercury Brands has acquired five new labels as part of its branded lifestyle strategy. The Victorian-headquartered company, formerly trading as the embattled Austin Group, has acquired St Kilda based house of brands The Factoree. Mercury Brands has now acquired distribution rights for WESC, J & Company, Lifetime Collection, Black Orchid and headwear brand Kangol.
Mercury Brands managing director Brendan Santamaria said the acquisition was consistent with the group's strategy of growing the business as a "leading lifestyle branded apparel" company.
According to a statement tendered to the Australian Stock Exchange, The Factoree generated approximately $2 million in revenue per annum.
Mercury Brands paid $95, 000 for the assignment of distribution agreements and would make deferred payments of 7.5 per cent of the net sales price of licensed products. Total payments would be capped at $350, 000 and be payable over two years. The company had also purchased stock on hand for $120, 000.
Mercury Brands stable includes Mac & Jac, Rochford, Contempo, French Kitty, Purr, No Fear, Crusty Demons, Billiecart and recently acquired denim label Chip and Pepper.