Permira acquires German fashion retailer Schustermann & Borenstein

European private equity group Permira [PERM.UL] has acquired German fashion retailer and exporter Schustermann & Borenstein, the companies said on Tuesday without disclosing financial details.

As reported by Reuters, the sale of Schustermann & Borenstein, a Munich-based family business acquired by French buyout firm Ardian in 2012, is expected to reach a 700 to 800 million euros.

The entry of Permira is thought to be key for the retailer’s rapid growth of its e-commerce. In this regard the head of Consumer at Permira, Cheryl Potter, explained that Schustermann & Borenstein "is an exciting business leader that combines a chain of exclusive fashion with 'e-commerce' and has great potential for growth."

"We will bring our wealth of knowledge about brands, e-commerce and technology to promote the company and get it to a further expansion in the coming years," added Potter.

The managing director of S & B, Daniel Schustermann, explained that he was "pleased" with this association: "Permira is the ideal partner to face our future expansion plans. In addition, we would like to thank Ardian their support and collaboration in recent years", he stated.

In 2015, the retailer posted 300 million euros in revenues and saw earnings before interest, taxes, depreciation and amortisation (EBITDA) of 55 million euros, sources familiar with the matter said.

Schustermann & Borenstein exports fashion to Eastern Europe and other countries. It also sells clothing at three brick and mortar locations in Munich and Vienna and online via BestSecrets.com.