Bendon and Pleasure State merge intimate businesses

Media release
Tuesday, 24 August 2011

Bendon and Pleasure State merge intimate businesses in global push

International lingerie company Bendon has today announced the merger of the iconic New Zealand business with Australia’s Pleasure State business.

This adds to Bendon’s already substantial global sales platform and will see a palette of brands on offer to customers around the world.

The merger and the strategic direction of now a wider range of brands will be led by Bendon’s Chief Executive Officer, Justin Davis-Rice and supported by recently appointed former Myer Executive Chairman, Bill Wavish as Non-executive Chairman.

“Bendon is an iconic New Zealand company with a proud heritage which has firmly established itself in Australia. I look forward to being part of the next phase of growth,” says Mr Wavish.

Cullen Investments Executive Chairman Eric Watson says completing the merger and having Mr Wavish join the board are very positive steps for Bendon.

“I am thrilled Bill has agreed to join the board, Bill’s extensive corporate and retail experience will be invaluable in the next phase of Bendon’s growth,” he says.

Cullen Investments will maintain a significant beneficial interest in Bendon.

Mr Watson says the company is in very experienced local hands with Davis-Rice and Wavish, giving him confidence to step away from an active role in the company and allowing him more focus on his northern hemisphere investments.

Mr Davis-Rice says today’s announcement is part of an aggressive growth strategy for the global lingerie company.

“Bendon’s size and scale makes the company a dominant force in the Australasian intimate apparel industry.

We believe the intimate apparel and swimwear market is ripe for consolidation and we intend to capitalise on this opportunity,” he says.

ENDS

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