Fashion stationery chain excluded from Myer merger deal.

 

The future for fashion stationery chain Smiggle is a little clearer following parent company Premier Investments’ proposed merger deal with department store group Myer Holdings

 

Myer Holdings is poised to create a $4 billion-a-year retail giant through the acquisition of Premier Investments’ Apparel Brands division which will bring Just Jeans, Jay Jays, Portmans, Jacqui E and Dotti into its fold.

 

Premier said the company will be focused on the on-going growth and performance of the Smiggle and Peter Alexander chains, as they pursue “local and international growth opportunities.”

 

Until recently, Smiggle had been the subject of spin-off reports but Premier said a sales slow-down had put the idea on the backburner.

 

Earlier this year, the company said a strategic review concluded that a demerger of Smiggle was likely to “maximise and accelerate” its growth opportunities over time. 

 

Combined with Smiggle, which has 309 stores in Australia, New Zealand, Singapore, Malaysia, United Kingdom and the Republic of Ireland, the two businesses – Smiggle and Peter Alexander - delivered revenue of $805 million in FY24, delivering EBIT of $239 million.