Lingerie Company Bendon Merges with Pleasure State

Expat millionaire and former owner Eric Watson has said that his company Cullen Investments will continue to hold a significant stake in the business post-merger, but that he will no longer be involved in the strategic direction of the new concern.

The new group will be headed up by chief executive Justin Davis-Rice and chairman Bill Wavish, former chairman of department store Myer.

Davis-Rice helped set up Pleasure State lingerie 7 years ago in 2004 with ex-Bendon designer Janice Burns and returned to the business as director in 2010.

Bendon, which was valued in the deal at $58.7m, has dedicated operations in the United States, United Kingdom, Australia and New Zealand, with distribution throughout Canada, Hong Kong, Singapore, Germany, Scandinavia, Greece and the Gulf States. Its labels include Bendon, Bendon Man, Bendon Sport,Fayreform, DimitySO, Elle Macpherson Intimates,Macpherson Men, Boudoir, Obsidian, Stella McCartney Lingerie, Hey Sister and Hickory.

The company’s products are stocked by the likes of Harrods, Selfridges, Harvey Nichols and the House of Fraser in the United Kingdom; Saks, Bloomingdales and Neiman Marcus in the United States; Holt Renfrew in Canada; Myer and David Jones in Australia; and Farmers in New Zealand.