Myer has recently made a decision to hold onto its designer label Sass & Bide, signaling a shift in its strategy following reports of the brand’s improved performance. The Australian department store chain, initially considering the sale of Sass & Bide, has now chosen to retain ownership amidst challenging market conditions.
Earlier this year, Myer sought potential buyers for Sass & Bide, a move that sparked speculation on the future of the brand. However, after thorough evaluation, the company determined that keeping the label was in its best interest. Reports also indicate that other brands under Myer’s umbrella, such as Marcs and David Lawrence, are not on the selling block.
Myer’s acquisition of Sass & Bide dates back seven years when it purchased a majority stake in the brand. The decision to reconsider selling Sass & Bide was part of CEO John King’s strategy to revitalize the department store chain, drawing from his experience at UK’s House of Fraser.
Amidst a competitive retail landscape, Myer has faced challenges stemming from the growth of online shopping and increased competition from international players. The closure of Myer’s collaboration with Topshop also contributed to its financial difficulties. However, the company continues to focus on enhancing its performance and maintaining ownership of key brands like Sass & Bide.
The recent decision to retain Sass & Bide reflects Myer’s commitment to adapting to changing market dynamics and strengthening its position in the Australian retail sector. This strategic shift could pave the way for a new chapter in Myer’s journey towards sustainable growth.
For further reading on the Australian retail industry trends and strategies, check out the following links:
Retail Council of Australia
Inside Retail Australia
