Business & Finance / 04 September 2024
Myer’s sassy move
Fans of Aussie fashion label Sass & Bide will soon have to visit their local Myer or its website as the department store – which has owned the brand since 2013 – has decided to close most of its standalone boutiques. Ten stores will shut in Oz/Kiwiland to cut costs and boost sales for the Myer mothership by up to $95 million – and it needs it… Sass & Bide sales haven’t been great, which contributed to about a $20 million decline in Myer’s full-year profits, triggering its share price to fall last month (but it’s since recovered…). The move is part of a bigger strategy to expand 2 of its other big labels in-store – Marcs and David Lawrence – and to purchase several well-known brands, including Jay Jays and Just Jeans, that are owned by Premier Investments.
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