By continuing to use our site you are agreeing to our. SMARTER, HAPPIER, AND RICHER. The private label brands, or MEBs, have helped Myer differentiate its offer from David Jones and Target and have been a key driver of sales and margin growth over the past few years, with sales reaching $638 million, or 20 per cent of group sales, in 2014. IBISWorlds senior analyst Kim Do said the stores had fallen out of favour with shoppers opting for online, where prices are lower and choice almost limitless, and fast fashion giants Zara and H&M. "Were investing in the pieces that have a longer lifespan.". This logo can still be seen at some locations. While Mr King pledged to end the . Myer deputy chief executive Daniel Bracken is culling private label and national brands to clear floor space for new labels. Contact Details: I agree to the privacy policy and wish to receive Eastland's newsletter containing the latest news and offers. Don't have an account? Dominic Lorrimer. 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. 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. you'll receive an exclusive Myer birthday discount of $15-$30. CEO Bernie Brooks and his team at Myer have put their primary focus on sales growth, which is a different strategy to CEO Paul Zahras over at competitor David Jones (ASX: DJS), who has focused first and foremost on gross profit margin. In active we are expanding Jaggad, BOD by Rachel Finch and Adidas.All these brands are department store exclusives to Myer, the spokesperson said. The Motley Fool Australia operates under AFSL 400691. If theres one thing upscale department stores are known for its big-name brands. Myers half-year result to the end of January showed private and exclusive labels accounted for $292.2 million worth of revenue, or around 17 per cent of sales. document.getElementById( "ak_js_8" ).setAttribute( "value", ( new Date() ).getTime() ); For further insight into how best to prepare your business, fill out the form below to book your free executive workshop and presentation. Email: [emailprotected] How Myer plans to reinvent its fashion business. The company has also warned the tough times will continue as the coronavirus outbreak exacerbates the pain of an already soft consumer environment. By clicking this button, you agree to our, 3 ASX stocks to buy now to get rich later, Why this fund manager is worried about the sustainability of bank dividends, Heres why I might buy these 2 beaten-up share bargains, Beat the banks with these high-dividend-paying stocks. While they still face some headwinds, better days could lie ahead and their dividend yields offer added appeal. . The result, according to womenswear category manager ClareHurley, is the introduction of a suite of new brands, as well as greater ability to "rationalise" brands that are not performing to expectation. . There are about 40 new brands in womenswear, spread across categories including daywear, evening, active and curve, and about 30 in menswear. The majority of the brands will be international labels including Selected Femme, Selected Homme, Oasis, Warehouse and Twisted Tailor. Name Generator. University of Tasmania marketing lecturer Dr Louise Grimmer said its a good tactic as the two businesses have lost sight of their purpose in recent years. 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 other categories, well, he wasnt so sure. As part of its turnaround plan, Myer plans to "condense" its private label offer and introduce on-trend brands including Aje, Jack and Jones and Calvin Klein White Label, which better reflect the fashion aspirations of its customers. We pay our respects to Elders past, present and emerging and acknowledge the continuing connection to land, water and community. Unusual. We developed the positioning and brand name for the homewares house brand, Vue, along with a modern, elegant logo and a visual language. "It's fair to say that our brand reduction is across all our product categories and across all our channels to market, whether they are wholesale, whether they be a hybrid concession, whether they be private label," Mr Bracken told Fairfax Media. Myer is at the forefront in the development of new retail concepts and experiences. In March, Myer reported a small underlying jump in profits to $41.2 million. 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.. PDF Annual Report 2019 In a move that is set to shake up the discount retail sector, Gazal has agreed to sell its 35 Trade Secret stores to global off-price retail giant TJX Companies Inc for $80 million to focus on the PVH brands. Investment news, stock ideas, and more, straight to your inbox. Sales of 'Myer Exclusive Brands' or private labels, however, declined 12 percent to 300.2 million Australian dollars, or $226 million. 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. The Motley Fool Australia does not guarantee the performance of, or returns on any investment. Follow the topics, people and companies that matter to you. These are brands owned by a separate company but only distributed in Australia through one of the big two. Get Started Investing Copyright 2023 The New Daily. document.getElementById( "ak_js_9" ).setAttribute( "value", ( new Date() ).getTime() ); Fill out the form below and click the 'Download Now' button to read the full report on THE FUTURE OF FMCG. Myer reveals new sport-focused, "department store first" concept Myer targets customers through digital and data in $600m - CMO We offer an unrivalled choice in the latest national, international and exclusive to Myer brands across women's, men's, and children's fashion, as well as accessories, cosmetics, homeware, furniture, electrical goods and much more. 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. Free Delivery Over $99* Order By May 3 For Mother's Day. This Service provides only general, and not personalised financial advice, and has not taken your personal circumstances into account. Sign In / Join. Shopping around for high yielding ASX shares? For apparel brands Basque, Urbane, Soho and Blaq we developed logos and visual languages to talk to niche consumers. "It's very similar to what David Jones went through and our brands in David Jones have had fantastic growth since then.". Rhys Brock, The Atomos (ASX: AMS) share price has surged 15% this week. Myer is Australias largest department store and has been synonymous with style and fashion for over 100 years. Please try again. Nationwide News Pty Ltd 2023. Myer sales down 3.8% in first half - Appliance Retailer Having exclusive and well-designed private-label brands reduces the need to discount products. Allan Winstanley, chief merchandise officer at Myer said the collection will see a number of labels on show for the first time ever in Australia. 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. "As part of the Customer First Plan, Myer is constantly reviewing every aspect of its brand and product mix to ensure we are adding new, exclusive, productive and in-demand brands to our stores and online," a Myer spokesman said. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Fill out the form below and click the 'Download Now' button to read the full report. Myer is undergoing the biggest pivot in four years by introducing new brands and honing its customer focus in a bid to resurrect its fashion business. Since the departure of former chief executive Richard Umbers in early 2018, the company has done extensive research to hone its core customer and, crucially, what they want. The big changes coming to Myer and David Jones. Australian Financial Services Licence (AFSL): 400691, The Motley Fool Australia, PO Box 104, Isle of Capri, Qld 4217. Chief executive John King said shoppers were already steering clear of the shops before virus fears emerged, with general footfall subdued for most retailers. The store has said exclusive brands is one of its focus areas, and in 23 stores it has experimented with making the products more prominent with encouraging results on sales. Please try again later. Updated: Myer acquires embattled fashion brands, Marcs and David - CMO Credit: Graham Denholm. Gazal Corp chief executive Patrick Robinson welcomed Myer's new strategy, saying it represented a growth opportunity for some of the brands in Gazal's joint venture with PVH Inc, especially Calvin Klein White Label. Tags. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show and premium investing services. document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); Fill out the form below and click the 'Download Now' button to read the full report on THE POWER OF LOVE. 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. You can also tailor your product to fit the market.. Australia; Newsletters In David Jones, Studio W and Re: are brands owned by the firm's ultimate owner, South Africa's Woolworths Holdings. 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. Ms Hurley explained that Mr King's "back to basics" mantra for improving Myer's fortunes didn't equate to "cheap, its not volume value. Myer targets customers through digital and data in $600m - CMO The team are focused on mitigating the impact of delays to the planned delivery of merchandise, he said. ", Myer has just re-signed Elyse Knowles as ambassador, with more talent set to join.Credit: AAP. 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. But if you walk into a Mecca or Scotch & Soda store youre feted and given attention, and dont feel like youre a hindrance.. Join Our Premium Community More Myer exclusive brands are joining the department store including Selected Femme, Selected Homme, Twisted Tailor, Acqua di Parma, Girls on Film, and Jack London. "There is a strong strategic alignment with David Jones and Sportscraft now joins both Saba and JAG, which are already exclusive to David Jones.. document.getElementById( "ak_js_7" ).setAttribute( "value", ( new Date() ).getTime() ); Fill out the form below and click the 'Download Now' button to read the full report on THE FUTURE OF HEALTHY FOOD. The Movement at Myer concept will cover all aspects of sport for men, women and kid's lifestyle, fashion and footwear needs. Myer and David Jones really need to inject the fun back into retailing in their stores. Were working to restore it. Ms Do said the shift towards more exclusive brands will mean less overlap between the two and other retailers, giving each retailer its own clear product offering. Equally, Sass and Bide has gone from upstart independent to wholly owned Myer brand. There was an error submitting the form. Another brand owner, who did not wish to be named, also welcomed Myer's brand clean-out. Discover legendary Absolue this Mother's Day in a profusion of joyful gold and an exclusive blend of Grand Rose extracts. Listen to Our Podcast 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. Myer takes stock control high-tech - Australian Financial Review Stripping these costs out, net profit climbed 0.4 per cent to a still-underwhelming $41.5 million. Join the conversation with your fellow The New Daily readers and see their replies. The company has foreshadowed another dip in sales to come in the future thanks to the exit of brands from the store. How Activating Brand Purpose Mobilizes Consumers and Galvanizes The Motley Fool launched its Australian presence in 2011, and since then has grown to reach over 1 million Australians. 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. The New Dailyasked both Myer and David Jones to confirm that the shift to house brands will mean other well-known brands will be dropped, but neither responded to this question. Myer MD of merchandising and marketing, Daniel Bracken, then outlined a shopping list of priorities to investors to support its more targeted customer efforts.This included a better balance of premium third-party and Myer exclusive brands, cross-departmental selling, localisation of merchandise based on geographic location, experience-led in-store improvements. Myer chief John King revealed last week the Country Road brands generated sales of between $50 million and $100 million a year in Myer and suggested the loss might be greater for Woolworths. These elements, coupled with a strong focus on customer service, provide an inspirational shopping destination for all ages. Myer has already started to see an uptick, posting a $38.4 million half-year profit in March after announcing an annual loss of $486 million in the preceding September. All times AEST (GMT +10). Myer clears out private labels as part of brand cull Myer flagged the addition of more than 20 'Only at Myer Brands' (which includes their private label and exclusive brands) in its March half-year report. No ones going to buy a Myer suit, but they might buy a Blaq suit which is the same thing, he said. In Myer, own brands include Basque, Milkshake and Vue. Its the Aldi effect. "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. Myer clears out private labels as part of brand cull. David Jones has snared exclusive department store rights to the Sportscraft, Saba and JAG brands after signing a partnership agreement with Australian apparel group APG&CO. Get The New Daily free every morning and evening. We take a closer look, August 14, 2021 | document.getElementById( "ak_js_14" ).setAttribute( "value", ( new Date() ).getTime() ); Fill out the form below and click the 'Download Now' button to read the full report on RETAIL OF THE FUTURE. You might go to DJs for Superdry and head home with Studio W. The question is, will consumers care? Eli Greenblat May 16, 2011 12.00am Save Share Normal text size Larger text size Very large text size It has 67 stores in prime retail locations across Australia. Sebastian Bowen, News Corporation (ASX: NWS) might be facing some existential threats from its American cousins over the riots on 6 January. Myer struck an agreement to acquire the two brands from the administrator for an undisclosed sum on 12 April. A place loved by all and once you've . 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. "Piper is a good private label brand but we may have extended it into too many sub-categories [and] the same could be said of Basque.". The partnership will come as a major blow to Myer, as Sportscraft is one of the retailer's largest national brands, with more than 550 products across womenswear, menswear and accessories. Retailers have been out of favour with investors for a few years now, although that has changed recently. Girls. Phone: (03) 8592 4841 August 27, 2021 | TO MAKE THE WORLD The company also has enhanced exclusive supplier arrangements with a number of other brands, such as Material World by Madonna. Nikhil Gangaram, Investors will be keeping an eye on the Michael Hill International Limited (ASX: MHJ) share price today. Couple of times a year (especially near . If you look at these department stores, particularly David Jones, theyve struggled over the past few years with trying to position themselves and work out what it is theyre offering, and who theyre offering it to, she said. Theres just so much competition with discount department stores and other specialty retailers finding their niche, so theyll struggle. Subscribe for free to get the latest breaking news and analysis sent to your inbox. Take a look at the top gifts she will love. Retailbiz covers every aspect of Australias retail sector with a focus on the innovations and technologies that are driving the industry forward. 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. King details Myer's turnaround plan - Inside Retail "For us, it's about replacing it with more profitable products.". Department stores are in a battle for survival, and theres a risk the new trick up their sleeve could turn them into just an expensive Target. You can do it. However, what is considered a private label is becoming a grey area. A series of roving runways were part of a party for 1500 customers and VIPs to celebrate the relaunch of the womenswear floors at David Jones' Sydney flagship. Indeed, DJs fancy new shoe heaven floor at its Sydney CBD flagship store boasts Jimmy Choo, Louboutin and Balenciaga. Hear our experts take on shares, the market & how to invest. Myer doubles its outsourcing from China - smh.com.au 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. Questions and Answers about Myer Benefits | Indeed.com While Myers private-label brands grew by 3.7 per cent, sales of its branded ranges fell by a similar amount. David Jones and Myer will be changing the brands on offer to customers over the next five years. Neutral Boys. "Its something you have to consider introducing a brand thats so fast to market, which can also mean its faster to markdown," Ms Hurley said. The chief executive of Australia Post has revealed the extreme challenges that lie ahead as the organisation struggles to turn a profit. Going forward, theyre expected to continue increasing their private label brands, which will also help with things like purchasing costs.. Lancme Absolue Soft Cream Collection 2023 | MYER
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