Retail giant Cotton On has confirmed it has acquired local fast fashion chain Supré.
Cotton On confirmed the purchase today and said the deal is effective immediately, with the retailer now responsible for the 157 Supré stores across Australia and New Zealand.
Cotton On Group CEO Peter Johnson said the acquisition marked another milestone in the group’s success and would provide a significant growth opportunity.
“Supré is one of the most iconic and recognisable brands in the female youth apparel market and has built a strong reputation for delivering on-trend, value apparel,” he said.
“The support of the Cotton On Group will take Supré to the next level, strengthening its market position, store footprint and online presence.”
Van der Meulen added that the timing was right for merging with the Cotton On Group.
“Cotton On’s world-class supply chain, store design, staff training and development, and logistics operations will enable Supré to maintain its momentum locally while facilitating global expansion, particularly into the Asian and South African markets,” he said.
“The business foundations, values and principles at Supré and Cotton On share strong cultural and historical alignment, which is critically important.
“Our businesses have both been founded and driven by product focused, entrepreneurial and collaborative leaders who have a passion for delivering a great product at an accessible price point. I am delighted that, also like us, Cotton On’s management has a people-first attitude and a genuine belief in their team. These values are the cornerstone to our success.”
While Cotton On Group is based in Geelong, Victoria, the Supré head office is currently located in the inner Sydney suburb of Marickville, where it is expected to remain.
Supré is an Australian and family-owned fashion business, founded in 1984 by Hans and Helen van der Meulen.
Former Supré international brand manager Catherine Taouk recently sparked a hot debate with a provocative ragtrader.com.au blog series on how Australian brands have lost their way. Click here to check it out and pick up a copy of the Ragtrader October print edition to read the follow-up article by Think Consulting Group's Taouk and Ivan Fuchs.