Lingerie retailer Bravissimo, which was set up by entrepreneur Sarah Tremellen almost 30 years ago, has been sold to a Japanese giant.
The Warwickshire-headquartered company has been snapped up by Wacoal’s European division, which is based in Northamptonshire, for an undisclosed sum.
Tremellen has owned Bravissimo with her husband Mike since she founded the firm in 1995.
She has been its chair since Leanne Cahill took over as CEO in 2020.
According to new financial figures released as part of the takeover announcement, Bravissimo’s net sales dipped slightly from £58.1m to £58m in the 12 months to the end of October 2023, while its operating profit increased from £922,000 to £3.4m.
Its full accounts for that financial year are due to be filed with Companies House by 31 October, 2024.
Overseas growth eyed following acquisition
In a statement Waco, which is listed in Japan, said: “Through this acquisition, we will accelerate its overseas business development in Europe by strengthening its e‒commerce business and focus on expanding fitting service opportunities to improve its dominant position in the large‒cup size product market, which is growing faster than the average market growth rate.
“The two companies will accelerate the speed of growth in overseas business development and further improve productivity and business efficiency by incorporating both capabilities for the design, manufacture, and distribution of lingerie and swimwear.”
Bravissimo CEO to remain in post
Bravissimo chief executive Leanne Cahill said: “I am excited to be leading Bravissimo as it becomes part of the Wacoal group.
“I will be working closely with the team at Wacoal to maximise the growth opportunities that our partnership will bring whilst maintaining Bravissimo’s heritage and the unique experience we offer our customers.”
Wacoal Europe CEO Geoff Embley added: “Wacoal mission is to contribute to society by helping women express their beauty.
“We have been presented with a unique opportunity to join forces with a business that shares our core values and unwavering commitment to delivering perfectly fitting lingerie and swimwear.
“Since the early 1990s, our businesses have evolved side by side, driven by a shared passion for quality and customer satisfaction.
“This partnership strengthens our collective vision, creating a powerful platform to expand on our mutual mission.”
More stores to open under new ownership
Masaaki Yajima, the president and CEO of Waco Holdings Corp, said: “We are very pleased to welcome Bravissimo Group, one of the UK’s leading innerwear specialists, providing high quality products and services through its directly managed stores and its own website, as a member of our group.
“Wacoal Europe has so far focused on the wholesale business, and by working with Bravissimo Group, the company will expand its directly managed stores that have direct contact with consumers, enabling Wacoal Europe to operate online and offline cross‒selling on its e‒commerce site and in its physical stores.
“Going forward, the Bravissimo Group’s strengths, such as its network of directly managed stores, solid customer base, and marketing know‒how, will be combined with Wacoal Europe’s operational capabilities to enhance the medium‒ to long‒term business effects.”