2 weeks Ago By Sumeyya Ilanbey
Department store giant Myer has signed a $950 million deal to acquire a suite of billionaire Solomon Lew’s clothing brands in Australia and New Zealand, giving the businessman a seat on its board. In a statement to the stock exchange on Tuesday morning, Myer announced it had agreed to buy several Premier Investments apparel brands – including Just Jeans, Jay Jays, Portmans, Jacqui E and Dotti – in exchange for 890 million new shares in Myer and $82 million in cash. Myer is acquiring a suite of Solomon Lew’s clothing brands.
Credit: Eamon Gallagher Lew will join the board of Myer as a non-executive director and Olivia Wirth will remain as executive chair. “The combination of Myer and Apparel Brands is transformational,” Wirth said in the statement. “If approved by shareholders, it will create a leading retail group with more than 780 stores across Australia and New Zealand, with a large and highly engaged customer base and capital to fund future investment and growth.
” Premier Investments will focus on its Peter Alexander and Smiggle brands, the company told the market. “This is an opportunity for our team and shareholders to play an important role in the future of the Australian and New Zealand retail landscape,” Lew said. The deal is dependent on investor approval, with shareholders expected to vote on the transaction at meetings in late January, the companies said.
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