Richemont buys Peter Millar

The designer brands giant Richemont yesterday added the upmarket leisurewear brand Peter Millar to its wardrobe, which already holds Chloe clothes and Cartier jewellery. The Swiss firm's acquisition of Peter Millar, popular with US golfers, comes just weeks after Burberry's profits warning shocked the European luxury sector.

Peter Millar was backed by US private equity group Winona Capital, which bought a stake in 2009 when the brand's sales were growing at more than 30 per cent each year.