The new entity transacts more than $80 million, has more than 80 staff, nine wool stores, a carpet manufacturing partner, a New Zealand carpet distribution warehouse, more than 120 carpet retail store partners in New Zealand, a United Kingdom office, and nearly 4000 grower suppliers.
"The completion of this transaction was a distant concept 14 months ago and naturally we are delighted to have reached this milestone.
"The extra scale will help fast track our strategy to capture more value for our grower shareholders.
"The strategy is not complex. We started on a journey in July this year, selling branded woollen products at significantly better margins than transacting raw wool as an ingredient at unsustainable prices.
"Our focus is now to ramp up the branded consumer product sales, drive operational excellence into the new business and really connect with our growers and customers," Mr Parsons said.
The new entity transacts about a third of New Zealand's wool clip as well as exporting WNZ-branded wool and domestic and export branded carpet sales.
