Myer Holdings has approached Premier to explore a potential combination with its Apparel Brands business to create one of the leading retail and apparel companies across Australia and New Zealand.
Apparel Brands is a leading clothing business with a portfolio comprising the Just Jeans, Jay Jays, Portmans, Jacqui E, and Dotti brands. It has a retail network of 717 stores across Australia and New Zealand, generating revenues of 845 million Australian dollars in FY23.
Commenting on the proposition, Myer executive chair, Olivia Wirth, said in a statement: “As part of the strategic review, Myer is exploring both organic and inorganic investment opportunities that align with our strategic focus areas to create value for Myer shareholders. It quickly became clear that the idea of a combination of Myer and Apparel Brands offered significant potential synergies and prospects for growth, evidently warranting further examination.”
Under the proposed combination, Myer would acquire Premier’s Apparel Brands business in exchange for the issue of new shares in Myer to Premier. After the proposed transaction, Premier shareholders would become Myer shareholders directly.
Myer has decided to retain ownership of its current brand portfolio, which includes brands Sass & Bide, Marcs and David Lawrence.
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