Cie. Financiere Richemont SA, the maker of Chloe bags and Dunhill briefcases, agreed to buy Peter Millar LLC, a U.S. maker of luxury sportswear for an undisclosed amount.
Richemont expects to complete the purchase in October, and it won’t have a “material” effect on profit in the year through March 2013, the Geneva-based company said in a statement today.
Peter Millar was created in 2001 by Chris Knott, who named the company after an inscription on an antique lawn bowling ball he received from his mother. Knott worked more than 20 years in fashion for companies such as Hugo Boss AG and Burberry Group Plc.
The clothing maker’s business operations are based in Durham, North Carolina, and it has a design center in Raleigh, according to its website. Peter Millar makes comfortable garments for men and women for work or leisure, the company said.