Myer has just confirmed in a press release just now that they are purchasing a 65% stake in Sass & Bide, one of our most loved and successful Women’s Fashion Brands for $42.25 million.
Myer will have exclusive department store rights to distribute this iconic, designer brand, as well as benefiting from the expansion of both sass & bide\’s standalone store network, and its domestic and international wholesale businesses.Â It is planned that sass & bide will be launched in approximately 30 Myer stores over the next 18 months.
Myer Chief Executive Officer, Bernie Brookes, said Myer\’s investment in sass & bide represents an excellent addition to Myer\’s brand portfolio, delivering a highly profitable business with significant growth potential.
“Sass & bide\’s highly experienced and successful management team will continue to drive the success of the business and will also provide us with valuable insights and exposure to specialty retail,” he said.
“The investment in sass & bide is entirely consistent with our strategy for growth which is about opening new stores, investing in store refurbishments and refreshments, growing and leveraging MYER one and introducing new product categories, brands, concepts and concessions,” said Mr Brookes.
Sass & bide co-founder, Sarah-Jane Clarke, said teaming up with Myer would take sass & bide to the next level.
“We are very excited to be partnering with Myer, an iconic Australian brand. This partnership will help Heidi and I realise the dream we had for sass & bide 12 years ago when we were selling our jeans at Portobello market in London,” said Ms Clarke.
Update: David Jones responds:
David Jones has severed ties with Sass & Bide after rival department store Myer acquired a stake in the brand.Â David Jones will no longer carry the Sass & Bide label after the autumn/winter 2011 season, marking the end of a 10 year supply arrangement.
David Jones chief executive Paul Zahra attributed this knock-back to aÂ “lack of growth” in Sass & Bide sales and gross profit.
“We did the calculations and could not justify the price paid for the business, particularly given the lack of growth in our Sass & Bide business.
“It was a matter of financial discipline for us and ultimately this investment was not in the interests of our shareholders.
“We carefully reviewed our brand portfolio last year and is was clear that the sales from Sass & Bide\’s exit will be readily replaced with the many other brands in our portfolio.”
Updated with photos from the Myer Sydney store photo call:
What an announcement to come out the day before David Jones’ Fashion Show tomorrow night.
Courtesy of Myer
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Sites That Link to this Post
- Sass & Bide: Fall/Winter 2011 London Fashion Week | Sassi Sam Girlie Gossip Files | 19 February , 2011
- Tonight: David Jones Autumn/Winter 2011 Fashion Show | Sassi Sam Girlie Gossip Files | 8 February , 2011
- Tweets that mention Myer confirms their Sass & Bide Acquisition | Sassi Sam Girlie Gossip Files -- Topsy.com | 7 February , 2011