Bendon Buys Bennett And Bain

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BENDON-NEW-ZEALAND

BENDON BUYS BENNETT AND BAIN

Bendon announced today that it was buying eight nation-wide stores from the Bennett and Bain high-end lingerie retail network.

Bendon Managing Director Hugo Venter said the purchase was part of the plan to broaden Bendon's presence in the New Zealand market.

He said that although the company had announced its intention to stop manufacturing at its Te Rapa plant, the company's retail plans reinforced its commitment to New Zealand.

"New Zealand is the origin and inspiration of Bendon's designs.

"We are determined to build on the strength of our brands, and to protect our significant market share.

"The Bennett and Bain purchase enables us to match our diverse product range with an equally diverse range of retail outlets.

"With our established and successful retail partners, we now cater for a wide range of customers through the Bendon, Elle Macpherson, Hickory, Hey Sister! and Macpherson Men brands.

Mr Venter said Bendon was committed to providing quality lingerie in all sectors and price points of the market.

He said the acquisition would give Bendon a new showcase for their lingerie, and give customers more choice.

Bennett and Bain is in receivership. Bendon is purchasing eight of the twelve nationwide stores; Remuera, Pakuranga, St. Lukes, Takapuna, Manukau, Hamilton, Johnsonville and Riccarton. These stores employ 40 staff.

"We're pleased to have been able to maintain the proud tradition of Bennett and Bain, but we have also had to take a realistic approach by purchasing the stores that we are confident can trade profitably," Mr Venter said.

ENDS...

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