Firms act in major luxury store network buyback

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Two firms have acted on Furla’s buyback of its Australian distribution network from the Luxury Retail Group (LRG). Herbert Smith Freehills (HSF) advised Furla while Arnold Bloch Leibler (ABL) advised the LRG in the transaction.

Furla has a network of 15 stores in Melbourne, Sydney, Brisbane and Gold Coast. The network accounts for 5% of the luxury house’s global revenue.

The buyback shows that Furla is confident in the luxury retail space in the country, Nelson Mair, LRG managing director, told the Sydney Morning Herald.
This year, Furla plans to expand its network with five new stores across Australia and New Zealand, HSF said.

Partners Hayley Neilson and Mark Currell led the HSF team, which included lawyers from the mergers and acquisitions, banking and finance, intellectual property, real estate, and employment practice groups. Neilson and Currell were assisted by senior associates Jacob Kahwaji and John Erbacher and solicitor Tess Mierendorff.

Partner Christine Fleer led the ABL team. She was assisted by lawyer Laura Cochrane and law graduate James Hamilton on commercial aspects. Senior associate Damien Cuddihy and lawyer Maneka Siva Nathan advised on financing aspects of the deal.

Financial details of the deal were not disclosed.

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