BB Retail Capital (BBRC) has bought back the remaining 50 per cent shareholding in lingerie retailer, Bras N Things Group, from co-investors ANZ and IMF Investors.
Bras N Things was started by industry veteran, Brett Blundy, 30 years ago and now boasts more than 200 stores across Australia and New Zealand. Blundy sold his 50 per cent share in Bras N Things in 2008 to the private equity consortium to finance growth in other retail brands and homemaker properties within the BBRC portfolio.BBRC was also founded by Blundy, and has 1100 retail stores under the Diva, Lovisa, Honey Birdette, Adairs, and Home Republic brands. The portfolio also includes property and rural enterprise divisions.
“Today, more than ever, I believe in Bras N Things and our business model. I believe in our customer and I believe in our people,” says Blundy.
“We have an exciting new team, including a new CEO and product team, who are creating new products which our customers are responding to really well.
“I’m also excited about the potential of Honey Birdette. It has true global potential and fits with my move to Singapore as a springboard for global growth,” he said.
The Group has moved its regional headquarters to Singapore in anticipation of further expansion in the region. The Bras N Things transaction is one of three major transactions the BBRC Group has made in the past six months, having also acquired the Belrose and Jindalee Retail Homemaker Centres in April and July 2013 respectively.
“It is an exciting time for us,” Blundy said.
“We have made some exciting changes this year including a step change in international focus for our retail brands. Our retail property Funds Management division has also been performing above expectations, growing our Retail Homemaker Centre portfolio.”As part of the transaction, Blundy invited former colleague Ray Itaoui to co-invest in the buy back. Itaoui, the current owner of Sanity Entertainment, purchased music group from Blundy in 2009.
“Ray has done a remarkable job with Sanity. We have always worked well together and I’m excited about our next venture taking Bras N Things to the next level,” Blundy said.
