The retail billionaire’s end game appears to go beyond just growing these Australian businesses internationally. Rather, it is a plan to establish each as global brands.
It feels like Solomon Lew is playing a game of international retail chess as his strategy to move the brand pieces becomes clearer.
He mentions the extraordinary colonising success of brands such as Zara and Tommy Hilfiger, and then explains that the UK has been scoped and readied for Peter Alexander’s entry, while announcing plans to have 100 Smiggle stores in Indonesia in the coming years. Lew’s end game appears to go beyond just growing these Australian businesses internationally. It is a plan to establish each as global brands.
They will presumably chug along and maximise profit by adopting Lew’s well-honed retail formula – that includes not overpaying for leases, having logistical superiority and keeping inventory to a minimum to avoid heavy discounting at sales periods.Would you like some Smiggle shares with this?The chess piece that doesn’t fit neatly on the Lew strategy board is Premier’s 29 per cent stake in Myer.
Now that Myer has recovered from the critical financial position it was in some years back, Lew can afford to tread water on this investment.There will be plenty to keep Premier occupied over the coming 12 months in preparing Peter Alexander and Smiggle for separation.
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