In the future there will be less brands you know and more brands youve never heard of. The loss of the Sportscraft brand comes as Myer fills gaps in its range after losing Country Road and sister brands Mimco and Politix to David Jones. By continuing to use our site you are agreeing to our. How Myer plans to reinvent its fashion business. Creating a Framework for Win-Win Partnerships Between Nonprofits and "Theres always been areas and brands that have been slower performers. Just 12 Marcs and David Lawrence stores will be operating after the sale of the embattled fashion retailers to Myer, its administrators have confirmed. Lancme Absolue Soft Cream Collection 2023 | MYER Search. Australian Financial Services Licence (AFSL): 400691, The Motley Fool Australia, PO Box 104, Isle of Capri, Qld 4217. Mr King said the company would continue to push online sales as the coronavirus threatened to keep people at home. Over the next five years, both are expected to shift their focus to their own private label or house brands, owned, designed and produced for them, IBISWorld senior industry analyst Kim Do said. 1 use today . Unusual. Stripping these costs out, net profit climbed 0.4 per cent to a still-underwhelming $41.5 million. But Mr Mortimer said David Jones was likely to need less own brand than Myer as it had a clearly-defined customer demographic at the top end of the market. Restructuring, redundancies and brand losses hit Myer - The New Daily Rhys Brock, It's been a volatile year so far for the Aussie nursery retailer. Updated: Myer acquires embattled fashion brands, Marcs and David - CMO Myer targets customers through digital and data in $600m - CMO On Thursday, the value of David Jones dropped by $437 million to $985 million due to a "retail recession", according to its owner, South African company Woolworths Holdings. and exclusive brands were underway but would . The keen interest, February 19, 2021 | Email: [emailprotected] Search for product or brand Clear. Mr King said improvements in womenswear and exclusive brands were underway but would not flow through until FY21. Myer is also pledging to invest in customer service in areas requiring more individual attention, such as lingerie, denim and footwear, as well as working with a "diverse mix of ambassadors". 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. The majority of the brands will be international labels including Selected Femme, Selected Homme, Oasis, Warehouse and Twisted Tailor. Myer deputy chief executive Daniel Bracken is culling private label and national brands to clear floor space for new labels. Myer targets customers through digital and data in $600m - CMO Credit: Graham Denholm. Myer struck an agreement to acquire the two brands from the administrator for an undisclosed sum on 12 April. Myer is clearing private label brands such as Piper, Regatta and Basque to make room for new labels in a reversal of the retailer's profit growth strategy over the past few years. "We have a very clear focus on who the most valuable customer is to our business and that's what is driving us to put these new brands into our business," he said. The staff discount applies to full price and discounted merchandise: 20% off any brand exclusive to Myer. Advanced Search. Mothers Day 2023: 30 gift ideas to treat mum. Let's look at what's ahead as the company build, February 8, 2021 | Luxury brands, Department stores, and 5 more. A store like Mecca, for example, has an incredible loyalty program as well, and I think the department stores just cant match the atmosphere or the offering of those specialist stores, she said. Walking into one of these stores today isnt a very exciting prospect for consumers today. "The decision by Woolworths Holdings has allowed Myer to recalibrate its range to new and exclusive brands, which should support sales, while the focus on Myer exclusive brands achieving 20 per cent of sales should expand gross margins," JP Morgan analyst Shaun Cousins said in a report last week. During the second half, a major upgrade of the Sydney City ground floor and atrium will begin. All times AEST (GMT +10). How Activating Brand Purpose Mobilizes Consumers and Galvanizes Teammates to Drive Positive Societal Change April 27, 2023. Work will also commence at Myers Belconnen store in Canberra to reduce space, followed by a refurbishment. The big changes about to come to Myer and David Jones - The New Daily Myer House Brands - Davidson Branding In David Jones, Studio W and Re: are brands owned by the firms ultimate owner, South Africas Woolworths Holdings. For a lot of these new international brands it will be the first time that they are available in a physical retail store within 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. Focusing on private and exclusive labels is likely to help Myer and David Jones differentiate themselves from online stores, as consumers will only be able purchase certain brands from one store, said Ms Do. The company also has enhanced exclusive supplier arrangements with a number of other brands, such as Material World by Madonna. Myer doubles its outsourcing from China Business This was published 11 years ago Myer doubles its outsourcing from China Myer will nearly double its direct outsourcing of fashion, homewares and merchandise from China to $200 million. 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. document.getElementById( "ak_js_17" ).setAttribute( "value", ( new Date() ).getTime() ); Fill out the form below and click the 'Download Now' button to read the full report on THE AUSTRALIAN HEALTHY FOODS REPORT 2023. 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We respectfully acknowledge the Wurundjeri people of the Kulin Nation, the Traditional Owners and Custodians of the Country on which Eastland resides. Myer signs 70 new brands after major rethink of fashion strategy In this video, the V Foundation presented a five-step framework it uses to build the transformational partnerships with for-profit brands that have generated more than $185 million to support cancer research. In with the new Myer is promising new brands and better service to reinvigorate its fashion business. Australian fashion designers are not the only losers in Myer's brand cull. "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.". Take a look at the top gifts she will love. There was an error submitting the form. Please try again later. Comparing strategic approaches to see what strategy looks like: Myer Brands | Featured Brands For Womenswear | MYER Boy Names Ending in -er . Add articles to your saved list and come back to them any time. While own brand is not new in department stores, they have taken longer to double down on private label compared with supermarkets. Subscribe for free to get the latest breaking news and analysis sent to your inbox. The company has foreshadowed another dip in sales to come in the future thanks to the exit of brands from the store. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Rhys Brock, The Atomos (ASX: AMS) share price has surged 15% this week. In David Jones, Studio W and Re: are brands owned by the firm's ultimate owner, South Africa's Woolworths Holdings. Theyre trying to minimise brands that are sold in both stores, and this is just so they dont cannibalise their own sales and lessen the competition between the two, Ms Do said.