MYER SEEKS HIT ON TOP OF THE SHOPS
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