Department stores' identity crisis. This set is valued at $1000* includes: Absolue Soft Cream 60ml. But other categories, well, he wasnt so sure. Rhys Brock, If you want to shift some of your investments into more ethical companies, exchange-traded funds can offer a good option, February 24, 2021 | Many, but not all, are exclusive to Myer, something that has been a cornerstone of chief executive John King's strategy for reversing the company's fortunes since he took over in mid-2018. The retailer owns or stocks 66 MEBs after buying several distressed brands, such as Trent Nathan and Charlie Brown, and developing in-house labels. Myers profit fell to $24.4 million in the six months to January 25 as total sales dropped 3.8 per cent to $1.6 billion. Brands | Featured Brands For Womenswear | MYER Women Top Brands Women's Top Brands All Top Brands Basque Miss Shop Piper Regatta Sunglass Hut Tokito Levi's Filter 4564 items Brand Price Sales & Offers Size Colour Product Category Product Type Bridge Fit Face Shape Lens Technology Pattern Range Tokito Double Breasted Check Blazer In Assorted $129.95 Department store chain Myer is set to take on twenty new and exclusive brands, including some never-before-seen international names, in the coming weeks. . Mr Mortimer said there was only upside for retailers with private label: By owning the intellectual property of the brand and not dealing with the manufacturer or distributor you can generate more margin or, alternatively, lower prices. These elements, coupled with a strong focus on customer service, provide an inspirational shopping destination for all ages. However, what is considered a private label is becoming a grey area. Lease extension and store upgrades have also been agreed for Myer Albury and Ballarat, while the refurbishment of Myer Karrinyup has commenced and is . As part of the Myer turn-around strategy, Davidson worked closely with Managing Director, Dawn Roberts, to help rationalise and revitalise the entire house brand portfolio. Luxury brands, Department stores, and 5 more. Myer has spent over $50 million purchasing a number of brands outright including Trent Nathan and Sass and Bide. "It will be interesting to see the impact on their business we were a significant player, particularly with Mimco and Politix the brands were diminishing over time," he said. This includes Woolworths Country Road Group brands, she said. Shop All Brands Clothing at Myer. No ones going to buy a Myer suit, but they might buy a Blaq suit which is the same thing, he said. He said that like other retailers, Myer enjoyed a spending spike during major trading events such as Black Friday, but traffic was otherwise soft in the six months to January 25. Under the terms of the deal, the ASX-listed department . Myer Mega Brand Sale: Women's clothing from top brands for 25-30% off. 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. You can also tailor your product to fit the market.. The Hornsby store closed in January while refurbishments have commenced at the Myer stores in Cairns and Karrinyup, underpinned by significant landlord contributions. 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Theres just so much competition with discount department stores and other specialty retailers finding their niche, so theyll struggle. Copyright 2023 The New Daily. Myer has just re-signed Elyse Knowles as ambassador, with more talent set to join. The Motley Fool launched its Australian presence in 2011, and since then has grown to reach over 1 million Australians. By continuing to use our site you are agreeing to our. . The danger, said Mr Mortimer, was that in an effort to boost own brands, DJs and particularly Myer could end up looking like a more expensive version of Target, while Zara and H&Ms ability to spot a trend and see it on shelves within weeks would also be hard to replicate. Learn about investing with our Investing Education hub. Free Delivery Over $99* Order By May 3 For Mother's Day. If you are going to spend $400 on Ted Baker clothes, for instance, youre better off going to a Ted Baker store and getting excellent service and knowledge rather than a department store where the staff are selling lots of different brands.. The company booked a net $15.2 million in first-half costs associated with brand exits, clearance floor closures, and redundancy payouts after the company cut 35 head office staff in January. August 27, 2021 | Couple of times a year (especially near . 6 OUR CUSTOMER FIRST PLAN ' ' 10 Retailers have been out of favour with investors for a few years now, although that has changed recently. Boy Names Ending in -er . 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. Myer added more than 50 new brands such as Jack & Jones, Vero Moda, Oasis, Warehouse, Jack London, Girls on Film, Lorna Jane, Radley, DKNY, Selected Femme and Twisted Tailor last year and another 40 new brands will launch before Christmas. Myer has spent over $50 million purchasing a number of brands outright including Trent Nathan and Sass and Bide. Get The New Daily free every morning and evening. After relaunching its women's fashion floors following a $400 million refurbishment of the Elizabeth Street store, David Jones is adding more than 65 exclusive new brands to its range including Toni Maticevski, Balmain, Roksanda, Johanna Ortiz, Tibi, Ganni and Carolina Herrera. The head-first dive into own brand is being steered by another factor the weakening control department stores have over big international names. Register, Join the conversation, you are commenting as Logout. But Dr Grimmer said the success of a shift to private labels will hinge on how well the retail titans can communicate the changes to their customers many of whom have already turned their backs on them. Familiar. Instead, the word "Myer" written in all-capital letters was sported on its locations. 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. Rhys Brock, How does the Temple & Webster (ASX: TPW) share price stack up against rival furniture retailer Nick Scali Limited (ASX:, February 4, 2021 | Mr King also said the supply chain impact of the coronavirus was being managed by teams in Hong Kong and Shanghai. Past performance is not necessarily indicative of future returns. Let's look at what's ahead as the company build, February 8, 2021 | 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. In the short term, theyre expected to still struggle a bit, she said. Free Click & Collect. To make the world Smarter, Happier, And Richer. Myer deputy chief executive Daniel Bracken is culling private label and national brands to clear floor space for new labels. "It's very similar to what David Jones went through and our brands in David Jones have had fantastic growth since then.". Myers first-half result follows on the heels of another poor interim showing by rival David Jones last month, where operating profit dropped nearly 60 per cent to $20 million on increased discounting and poor sales. They are globally positioned, they have a great design team and great scale we think we're well positioned with those brands as we move forward," Mr Robinson said. Myer will stop discounting - getting rid of clearance floors by mid-2019 - reduce floor space, and focus on exclusive brands, as it fights to come back from a shocking near $500 million loss in the year to June 2018. . But with growth in department stores basically non-existent, margins and profits shrinking and wary consumers closing their wallets, the two venerable companies are taking drastic action. We also have a tradition of providing customer entertainment through vibrant in-store theatre from glamorous fashion parades, to appearances by much-loved children's characters, celebrities and sporting personalities. We pay our respects to Elders past, present and emerging and acknowledge the continuing connection to land, water and community. Neutral Boys. The companys womenswear segment was cited as a particular disappointing during the first half, especially in brands exclusively stocked by Myer. It would appear a clever move for Myer to expand its ownership and exclusive rights to high-end fashion brands such as Lisa Ho, given the higher margins which can be achieved. In active we are expanding Jaggad, BOD by Rachel Finch and Adidas.All these brands are department store exclusives to Myer, the spokesperson said. Subscribe for free to get the latest breaking news and analysis sent to your inbox. In Myer, own brands include Basque, Milkshake and Vue. The Motley Fool Australia does not guarantee the performance of, or returns on any investment. 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. Other brands new to Myer. The team are focused on mitigating the impact of delays to the planned delivery of merchandise, he said. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Having exclusive and well-designed private-label brands reduces the need to discount products. As a result, the company is planning to extend its private-label range to include footwear and accessories to . Our stores pride themselves on exciting visual merchandising displays, and a distinctive range of store within store concepts from big brands like Nespresso, KitchenAid, Dyson and more. Image: Wikimedia. 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. Although sales have been the key objective, presentations by Myer show that improvements in the gross margin have been driven by a focus on increased sales of exclusive brands items. Walking into one of these stores today isnt a very exciting prospect for consumers today. Shopping around for high yielding ASX shares? Add articles to your saved list and come back to them any time. The companys online sales grew by 25.2 per cent to $168.2 million during the half but not enough to counter in-store declines. Both department store chains have been struggling to grow topline sales but Myer managed to lift earnings by 3.1 per cent in 2019 mainly by slashing costs while David Jones' earnings plunged 42 per cent. Given these brands offer much better margins than national brands, or Myer's . "We need to introduce newness at a scale our customer can see a meaningful change when she [or he] walks into our stores," Ms Hurley said. Search for product or brand Clear. The company also has enhanced exclusive supplier arrangements with a number of other brands, such as Material World by Madonna. Phone: (03) 8592 4841 The refurbishment of the Myer Cairns and Belconnen stores is due to be completed by November 2020 with an enhanced appearance, layout, adjacencies and introduction of new and exclusive brands. and exclusive brands were underway but would . document.getElementById( "ak_js_13" ).setAttribute( "value", ( new Date() ).getTime() ); Fill out the form below and click the 'Download Now' button to read the full report on 7 STRATEGIES BEHIND THE WORLD'S MOST SUCCESSFUL DESTINATION BRANDS. Myer did not have a sales mix target for private label and national brands, Mr Bracken said. Myer has announced the launch of a new digital destination, The Movement at Myer, focused on giving customers comprehensive information and product selections in the sporting category. Mar 17, 2023 11:45am. Mitchell Lawler, If you have been wondering how to buy US shares from Australia to gain exposure from the highly topical market,, January 20, 2021 | The majority of the brands will be international labels including Selected Femme, Selected Homme, Oasis, Warehouse and Twisted Tailor. Myer's private label brands, including Piper, Basque, Regatta, Chloe and Lola, Trent Nathan, Wayne by Wayne Cooper, Charlie Brown, Howard Showers, Miss Shop and L Liso Ho, featured in the list of heavily discounted apparel and footwear brands. The platform will also feature gym . While own brand is not new in department stores, they have taken longer to double down on private label compared with supermarkets.
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