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Sales season has come early at retail giant Myer, with the department store chain unveiling an ambitious plan to acquire clothing brands Just Jeans, Jay Jays, Portmans, Jacqui E and Dotti. The non-binding, indicative and conditional offer for Premier Investments’ Apparel Brands, announced on Monday, would result in Myer taking full ownership of the labels in exchange for new shares in Myer to Premier shareholders. The purchase, if accepted by Premier, would be a massive boost to Myer’s earnings.
“While Myer has one of Australia’s strongest retail brands, store networks and loyalty programs, there is a significant opportunity to reinvest in our product offering, customer engagement capabilities and further optimise our supply chain to achieve our full potential,” Myer executive chairwoman Olivia Wirth said. Premier believes the proposal offers “meaningful opportunity for both businesses”.
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