Australian department store chain Myer has signed a deal worth A$863.8 million ($568.38 million) to acquire the apparel brands of Premier Investments. This acquisition includes transferringthe ownership of the company’s popular brands including Just Jeans, Jay Jays, Portmans, Jacqui E, and Dotti.
The agreement will make Premier-owned Century Plaza Investments largest shareholder in Myer with a 26.8 per cent stake. Premier will also investA$82 million in Myer as a part of the transaction.
Following the transaction, Solomon Lew, Head, Premier, will join Myer's board, marking a pivotal turn in a rivalry dating back to 2017, when Lew began acquiring Myer shares while critici Sing its leadership for poor performance.
Olivia Wirth, Chairperson, Myer will continue to lead the company after the deal, which was initiated in June when Myer approached Premier about combining their apparel divisions.
With its annual sales declining by 2.9 per cent to A$3.3 million and profit decreasing by 26 per cent, Myer has been navigating a challenging retail environment for quite some time.
