All times AEST (GMT +10). "We'll focus on what is the right offer for our customers and how much real estate do they need and what productivity levels are needed to drive the right outcome for Myer.". Help using this website - Accessibility statement, women's fashion floors following a $400 million refurbishment. Ms Do said the shift towards more exclusive brands will mean less overlap between the two and other retailers, giving each retailer its own clear product offering. During the second half, a major upgrade of the Sydney City ground floor and atrium will begin. Please try again. Myer is at the forefront in the development of new retail concepts and experiences. Get Deal . Shares in Myer are up 14.63 per cent to $0.47 per share at . In the short term, theyre expected to still struggle a bit, she said. The store recently re-signed 27-year-old model and The Block winner Elyse Knowles, and is set to announce another new face in coming weeks. Allan Winstanley, chief merchandise officer at Myer said the collection will see a number of labels on show for the first time ever in Australia. Myer reveals new sport-focused, "department store first" concept Country Road, Mimco and Politix are owned by David Jones' parent, Woolworths Holdings, and were pulled out of Myer last month in favour of an exclusive relationship with David Jones. Indeed, DJs fancy new shoe heaven floor at its Sydney CBD flagship store boasts Jimmy Choo, Louboutin and Balenciaga. But Dr Grimmer said the success of a shift to private labels will hinge on how well the retail titans can communicate the changes to their customers many of whom have already turned their backs on them. IBISWorlds senior analyst Kim Do said the stores had fallen out of favour with shoppers opting for online, where prices are lower and choice almost limitless, and fast fashion giants Zara and H&M. Popular. The team are focused on mitigating the impact of delays to the planned delivery of merchandise, he said. Sportscraft is an iconic and loved Australian brand and we are excited to partner with David Jones exclusively," APG&CO chairman Peter Halkett said on Friday. Stripping these costs out, net profit climbed 0.4 per cent to a still-underwhelming $41.5 million. It has 67 stores in prime retail locations across Australia. The department store has acknowledged that the mid-2010s strategy of chasing high-spending, aspirational customers had not worked, and has been re-focusing on attracting "traditional" Gen X consumers who love fashion but also demand value. All. "Piper is a good private label brand but we may have extended it into too many sub-categories [and] the same could be said of Basque.". In a move that is set to shake up the discount retail sector, Gazal has agreed to sell its 35 Trade Secret stores to global off-price retail giant TJX Companies Inc for $80 million to focus on the PVH brands. By continuing to use our site you are agreeing to our. But while fashion might be ripe for a department store own-brand takeover, there are several categories where brands reign supreme and likely will do for some time. David Jones snares Sportscraft from Myer - Australian Financial Review Find out more about our policy and your choices, including how to opt-out. Scope of rollout included brand positioning, identity design, packaging design, point of sale, signage, ticketing and labelling, and brand standards documentation. You can head into Myer and David Jones and come out smelling of Chanel, tottering on Louboutins and piled high with Polo by Ralph Lauren. Find your type. While Mr King pledged to end the era of perpetual discounting, Myer is taking some risk by launching "rapid-fashion" brand Misguided, which is known in the industry for being "fastest to market" with trends. Department giant Myer has reported a 37 per cent drop in first-half profit, weighed down by restructuring cost, redundancies and the exit of Apple products and Country Road Group brands. Updated: Myer acquires embattled fashion brands, Marcs and David - CMO Women's: Veronica Beard, Ba&sh, Paper London, Lorna Jane, Warehouse, Forever New Curve. And despite leaching several brands to its main competitor, David Jones, Myer has secured Australian labels including Hansen & Gretel, Atoir, Husk, and Pfeiffer. 13 April, 2017 12:52. The private label brands, or MEBs, have helped Myer differentiate its offer from David Jones and Target and have been a key driver of sales and margin growth over the past few years, with sales reaching $638 million, or 20 per cent of group sales, in 2014. After several years focusing on the high end, there is a discernable shift towards well-priced brands such as Chichi London, which Hurley said offers "value, commercial, accessible dresses" for less than $160 and it expected to perform strongly for the crucial pre-spring racing period. Myer struck an agreement to acquire the two brands from the administrator for an undisclosed sum on 12 April. While greater differentiation and higher margins on house brands are positive steps for Myer and David Jones, both still face underlying fundamental challenges, Ms Do said. Sign In / Join. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Copyright 2023 The New Daily. Gazal Corp chief executive Patrick Robinson welcomed Myer's new strategy, saying it represented a growth opportunity for some of the brands in Gazal's joint venture with PVH Inc, especially Calvin Klein White Label. ", Women's: Veronica Beard, Ba&sh, Paper London, Lorna Jane, Warehouse, Forever New Curve, Men's: Nicce London, Dr Denim, Reebok, Mr Simple. Analyze your Baby Name DNA and find the names that match your unique style. 0. Both department store chains have been struggling to grow topline sales but Myer managed to lift earnings by 3.1 per cent in 2019 mainly by slashing costs while David Jones' earnings plunged 42 per cent. But depending on how they roll out their new strategies, they could pull off a turnaround in five years.. Myer House Brands - Davidson Branding Myers first-half result follows on the heels of another poor interim showing by rival David Jones last month, where operating profit dropped nearly 60 per cent to $20 million on increased discounting and poor sales. MYER IS AUSTRALIAS LARGEST DEPARTMENT STORE GROUP AND HAS BEEN SYNONYMOUS WITH STYLE AND FASHION FOR OVER 100 YEARS, VUE HAS GROWN TO BECOME ONE OF MYERS LARGEST AND MOST SUCCESSFUL BRANDS. Australia; Newsletters Please remember that investments can go up and down. document.getElementById( "ak_js_8" ).setAttribute( "value", ( new Date() ).getTime() ); For further insight into how best to prepare your business, fill out the form below to book your free executive workshop and presentation. More new brands set to feature nationwide are Paper London, Alice & Olivia, Torrance, Proenza Schouler White Label, Karl Largerfeld Paris, Rotate Birger Christensen, Aeryn and Fiorucci. Myer takes stock control high-tech - Australian Financial Review Get 3 Stocks for the Great Dividend Boom in our special FREE report. This set is valued at $1000* includes: Absolue Soft Cream 60ml. Myer will stop discounting - getting rid of clearance floors by mid-2019 - reduce floor space, and focus on exclusive brands, as it fights to come back from a shocking near $500 million loss in the year to June 2018. . Free Delivery Over $99* Order By May 3 For Mother's Day. Neutral Boys. "We need to introduce newness at a scale our customer can see a meaningful change when she [or he] walks into our stores," Ms Hurley said. In with the new Myer is promising new brands and better service to reinvigorate its fashion business.Credit: Eddie Jim. Chief executive John King said shoppers were already steering clear of the shops before virus fears emerged, with general footfall subdued for most retailers. "Myer's 2019 half-year results saw sales of Myer Exclusive Brands (MEBs) rise by 3.7 percent to $292.2 million, which also assisted the company's profit margins. Learn More. document.getElementById( "ak_js_9" ).setAttribute( "value", ( new Date() ).getTime() ); Fill out the form below and click the 'Download Now' button to read the full report on THE FUTURE OF FMCG. Myer has also shuttered its clearance floor concept and is targeting another 73,000 square metres of reduced floor space in coming years. Amgen cuts 450 workers, cites drug pricing pressure and inflation. Get Started Investing Myer says its online sales are up 25 per cent, but it's not enough to see off a fall in profit. Myer and David Jones really need to inject the fun back into retailing in their stores. We respectfully acknowledge the Traditional Custodians of the land where we live and work and pay our respects to all Elders, past and present, of all Aboriginal and Torres Strait Islander nations. Join the conversation with your fellow The New Daily readers and see their replies. Myer announces half-billion dollar loss - CMO Australia Walking into one of these stores today isnt a very exciting prospect for consumers today. Boy Names Ending in -er . David Jones and Myer will be changing the brands on offer to customers over the next five years. An analysis by market researchers IBISWorld said revenue at department stores was likely to remain stagnant, which has turbocharged the push by David Jones and Myer into private label. Mar 17, 2023 11:45am. The battle between David Jones and Myer for exclusive brands shows no signs of easing even as the department store chains chase consumers at different ends of the market . Credit: Graham Denholm. Myer to showcase Aussie-first new and exclusive brands While own brand is not new in department stores, they have taken longer to double down on private label compared with supermarkets. Were working to restore it. Myer flagged the addition of more than 20 'Only at Myer Brands' (which includes their private label and exclusive brands) in its March half-year report. . The company also has enhanced exclusive supplier arrangements with a number of other brands, such as Material World by Madonna. OFF. Department store chain Myer is set to take on twenty new and exclusive brands, including some never-before-seen international names, in the coming weeks. The company booked a net $15.2 million in first-half costs associated with brand exits, clearance floor closures, and redundancy payouts after the company cut 35 head office staff in January. Copyright 1999-2023 Myer Pty Ltd. GPO Box 2215, Melbourne VIC 3001. The company has also warned the tough times will continue as the coronavirus outbreak exacerbates the pain of an already soft consumer environment. "Its something you have to consider introducing a brand thats so fast to market, which can also mean its faster to markdown," Ms Hurley said. Another brand owner, who did not wish to be named, also welcomed Myer's brand clean-out. Myer Mega Brand Sale: Women's clothing from top brands for 25-30% off. A series of roving runways were part of a party for 1500 customers and VIPs to celebrate the relaunch of the womenswear floors at David Jones' Sydney flagship. Just 12 Marcs and David Lawrence stores will be operating after the sale of the embattled fashion retailers to Myer, its administrators have confirmed. Dominic Lorrimer. ", Myer has just re-signed Elyse Knowles as ambassador, with more talent set to join.Credit: AAP. 10% off Electrical, Jewellery, Food and Furniture. Creating a Framework for Win-Win Partnerships Between Nonprofits and I cant tell you what the future holds; were trying to drive online as hard as we can because if people are scared to come out, hey, they can shop at home, Mr King said. The staff discount applies to full price and discounted merchandise: 20% off any brand exclusive to Myer 10% off Electrical, Jewellery, Food and Furniture 15% everything else (Cosmetics, Apparel, Handbags, Homewares etc) 50% off Full Priced Black Apparel by Myer Exclusive Brands, to wear for work Couple of times a year (especially near Christmas), the big cosmetic brands (Dior, Estee Lauder . Peter Rae. 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