The Courier-Mail

MYER SEEKS HIT ON TOP OF THE SHOPS

- FRANCES MAO Consumer Goods · Topshop · Topman · United Kingdom · French Connection · Myer · Nine West

MYER is at­tempt­ing to re­gain its re­tail mojo by buy­ing a slice of Top­shop’s Aus­tralian arm and bring­ing the cult fast­fash­ion brand into its depart­ment stores.

From Novem­ber, Myer will roll out Top­shop Top­man con­ces­sions in more than 20 of its depart­ment stores as part of a plan to turn around its busi­ness.

The re­tailer is also buy­ing a 25 per cent stake in Austra­dia Pty Ltd, the Aus­tralian fran­chisee of the fa­mous UK high street brand.

“It’s one of the most ex­cit­ing fash­ion brands in the world, glob­ally recog­nised, fol­lowed by fash­ion lovers around the world, this is a ma­jor coup,” Myer chief ex­ec­u­tive Richard Um­bers said yesterday.

The Top­shop deal is part of a $600 mil­lion strat­egy to re­vamp Myer’s slug­gish re­tail base by stock­ing “wanted” brands, such as French Con­nec­tion, Seed and Nine West, in an at­tempt to at­tract af­flu­ent, fash­ion- for­ward cus­tomers.

It has dumped more than 100 brands, in­clud­ing some in­house la­bels, from its fash­ion sta­ble. BUSI­NESS P48

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