Demerger of fashion stationery chain set for 2025.

 

A spin-off of fashion stationery chain Smiggle seems to be locked in following news that department store Myer has approached Solomon Lew’s Premier Investments to propose a merger with its Apparel Brands business. 

 

Apparel Brands includes Just Jeans, Jay Jays, Portmans, Jacqui E, and Dotti brands.

 

Earlier this year, Premier announced demerger plans for Smiggle and sleepwear designer brand Peter Alexander. 

 

The company said a strategic review has concluded a demerger of Smiggle was likely to “maximise and accelerate” its growth opportunities over time. 

 

Smiggle, set for demerger next year, operates 305 stores with global sales in excess of $310 million. 

 

Lew currently owns a stake in Myer worth more than 31 per cent.

 

The proposed deal is subject to regulatory approval, with the combination of Myer and Premier’s Apparel Brands business being via an all-scrip merger. 

 

Under the deal, Myer would acquire Premier’s Apparel Brands business in exchange for the issue of new shares in Myer to Premier.