Costarella Design Ltd has acquired emerging Western Australian fashion brand SU.
Costarella Design Ltd has acquired emerging Western Australian fashion brand SU.
The acquisition will be satisfied through a share transaction whereby the SU proprietors will be provided with one million CLD shares (worth $80,000) as consideration for 100 per cent of the SU fashion brand.
Designers Sonia Audino and Silvana Mancini launched the SU brand in 1999 and have experienced significant national success and recognition.
The label is stocked in specialty boutiques in Australia, Singapore and the USA and the acquisition positions the SU brand for further international exposure under the ASX listed Costarella fashion house.
The full Costarella announcement appears below:
Costarella Design Limited Acquires Growing Fashion Label SU Costarella Design Limited today announced that the company has acquired the well-established and growing fashion brand SU. The acquisition represents a new high margin revenue stream for Costarella and additional design talent for its own premium range of designs and global expansion.
The acquisition will be satisfied through a share transaction whereby the SU proprietors will be provided with one million CLD shares as consideration for 100% of the SU fashion brand; this represents a non-cash acquisition for the group.
Designers Sonia Audino and Silvana Mancini launched the SU brand in 1999 and have experienced significant national success and recognition. The label is stocked in specialty boutiques in Australia, Singapore and the USA and the acquisition positions the SU brand for further international exposure under the ASX listed Costarella fashion house.
Audino and Mancini will continue to design the SU brand, and will also contribute creatively to the Costarella clothing line and accessory roll-out as part of the group creative team.
"The acquisition of SU is an exciting step for Costarella Design Limited," said Managing Director Aurelio Costarella.
"Sonia and Silvana's design aesthetic, unique detailing and op-pop style has great appeal in the international market
place and in particular the US, China and Japan. There is a strong synergy between the design and business philosophies of the two brands."
"It's fantastic to welcome such great talent to the business and we're looking forward to working with the SU to mutual benefit," he added.
SU designers Audino and Mancini are also looking forward to the creative collaboration. In a joint statement, they announced: "We are excited about the opportunity that this merger will offer our label. We're honoured to be joining and working alongside Aurelio Costarella - a long time mentor - and to be recognised under the Costarella Design umbrella."
Both brands have been invited to represent Western Australia at G'day LA, an Australia Week promotion held on 17 January 2008 in California and partially funded by the Fashion Designer grants through ArtsWA. This event represents significant exposure for the SU brand in the US market, and facilitates the introduction of SU designs to Costarella Design Limited's extensive network of LA-based retailers and stylists.
SU designs have featured on Australian television and in the music and fashion scenes. Television appearances include programs such as The Secret Life of Us, US reality hit series Outback Jack, Channel V's traveling VJs and SBS series Marx and Venus.
Local and international bands and recording artists who have worn SU publicly include Melisa Auf Der Maur of US bands Hole and the Smashing Pumpkins, Deborah Harry of Blondie fame and local bands Little Birdy, The Bank Holidays, Schvendes and The John Butler Trio.
