Premier is in control

PREMIER Investments has downplayed concerns it is vulnerable to Amazon, pointing out it owns its brands and fully controls where they are sold.

Highlighting the control it has over a stable of brands which includes Smiggle, Peter Alexander and Just Jeans, the $2.3 billion retail group nevertheless left the door open to selling through the US online giant to roll out a broader local offer.

“Let’s wait and see,” Premier chief Mark McInnes said.

“It’s too early to rule anything in or out.

“They are very good at what they do and we are very good at what we do.”

Premier, backed by retail billionaire Solomon Lew, was one of the few companies to escape yesterday’s stock market sell-off with its share price rising 4 per cent.

The gain made the retailer the best performing stock on the local bourse on a day when $26 billion was stripped from company values.

Investment bank Citi has warned Amazon could grab up to $4 billion in local sales and singled out Premier as one of those facing a hit to earnings.