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. ", Myer has just re-signed Elyse Knowles as ambassador, with more talent set to join.Credit: AAP. Contact Details: Restructuring, redundancies and brand losses hit Myer. AFL appoints Andrew Dillon as next chief executive, Greenwich to sue Latham over homophobic tweet, Man in court for shocking attack on soccer referee, Indigenous Voice is wrong and potentially quite dangerous: Abbott, Watch: Paramedic farewelled, Greenwich legal action, Referee assault, Support overwhelms referee as alleged attacker jailed, NRL concedes knock-on error on crucial golden point call for Raiders, Home values rise as housing market downturn wanes, Search for missing man continues after body found, The New Daily uses cookies. Get 3 Stocks for the Great Dividend Boom in our special FREE report. Egg farmers play down threat from cane toad of salmonella. Get The New Daily free every morning and evening. "They have a lot of brands in their stable that just don't resonate with their customers," he said. 6 OUR CUSTOMER FIRST PLAN ' ' 10 Let's look at what's ahead as the company build, February 8, 2021 | 0. Catalogs. This work never ends, we need to reinvigorate our stores seasonally and will constantly chase new brands so we remain at the front line of fashion in Australia., How to integrate marketplaces into your e-commerce strategy. Join the conversation with your fellow The New Daily readers and see their replies. 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. 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. As a result, the company is planning to extend its private-label range to include footwear and accessories to . Please try again later. 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. Join Our Premium Community The Myer brand also happens to have an online website that offers all the products available at an offline store. Myer has a range of house brands across homewares, women's apparel, men's apparel and children's apparel. To make the world Smarter, Happier, And Richer. Copyright 1999-2023 Myer Pty Ltd. GPO Box 2215, Melbourne VIC 3001. Join our flagship membership service, Share Advisor. Find your type. Myer is also pledging to invest in customer service in areas requiring more individual attention, such as lingerie, denim and footwear, as well as working with a "diverse mix of ambassadors". 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. "It's very similar to what David Jones went through and our brands in David Jones have had fantastic growth since then.". Until 1970, Myer did not use a proper logo. The company has also warned the tough times will continue as the coronavirus outbreak exacerbates the pain of an already soft consumer environment. The company has foreshadowed another dip in sales to come in the future thanks to the exit of brands from the store. Work will also commence at Myers Belconnen store in Canberra to reduce space, followed by a refurbishment. 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. Menswear, womenswear and particularly kidswear were ripe for private label, he said, as was Manchester. Once you could only buy Chanel at Myer and DJs; now they are setting up flagship stores in Australia, and thats a problem, said Mr Mortimer. Myer is Australia's largest department store group, and a market leader in Australian retailing. Take a look at the top gifts she will love. Men's: Nicce London, Dr Denim, Reebok, Mr Simple. Free Click & Collect. 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. Myer also still stocks a handful of JAG accessories but has already cleared the shelves of Saba after APG&CO took the brand out of Myer earlier this year. Many of the brands being offered by department stores can just as easily be purchased from high street specialty stores, Dr Grimmer said, and thats a problem because the specialty stores offer a better customer experience. The Motley Fool launched its Australian presence in 2011, and since then has grown to reach over 1 million Australians. Popular. document.getElementById( "ak_js_16" ).setAttribute( "value", ( new Date() ).getTime() ). 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. Get Started Investing Just 12 Marcs and David Lawrence stores will be operating after the sale of the embattled fashion retailers to Myer, its administrators have confirmed. But if you walk into a Mecca or Scotch & Soda store youre feted and given attention, and dont feel like youre a hindrance.. Myer would be looking to snap the brand up out of administrators hands, however it is likely to face some stiff competition from trade buyers and also from private equity. The staff discount applies to full price and discounted merchandise: 20% off any brand exclusive to Myer 10% off Electrical, Jewellery, Food and Furniture 15% everything else (Cosmetics, Apparel, Handbags, Homewares etc) 50% off Full Priced Black Apparel by Myer Exclusive Brands, to wear for work Couple of times a year (especially near Christmas), the big cosmetic brands (Dior, Estee Lauder . 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. Most will be exclusively available at Myer which provides a great point of difference for our offer and gives our customers exposure to a broader range of international fashion, he said. But Mr Mortimer said David Jones was likely to need less own brand than Myer as it had a clearly-defined customer demographic at the top end of the market. 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. We respectfully acknowledge the Wurundjeri people of the Kulin Nation, the Traditional Owners and Custodians of the Country on which Eastland resides. It has 67 stores in prime retail locations across Australia. Please try again later. Our friendly customer service team will happily get back to you as soon as they can. Stripping these costs out, net profit climbed 0.4 per cent to a still-underwhelming $41.5 million. . 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. Advanced Search. document.getElementById( "ak_js_10" ).setAttribute( "value", ( new Date() ).getTime() ); Fill out the form below to book a complimentary session on building consumer trust with our strategy experts today! The Motley Fool Australia does not guarantee the performance of, or returns on any investment. 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. Eli Greenblat May 16, 2011 12.00am Save Share Normal text size Larger text size Very large text size Myer Mega Brand Sale: Women's clothing from top brands for 25-30% off. The Motley Fool Australia operates under AFSL 400691. Myer is Australia's largest department store and has been synonymous with style and fashion for over 100 years. 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. 15% everything else (Cosmetics, Apparel, Handbags, Homewares etc) 50% off Full Priced Black Apparel by Myer Exclusive Brands, to wear for work. How Myer plans to reinvent its fashion business. These elements, coupled with a strong focus on customer service, provide an inspirational shopping destination for all ages. "Theres always been areas and brands that have been slower performers. 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. Another brand owner, who did not wish to be named, also welcomed Myer's brand clean-out. "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.". Nonetheless, IBISWorlds Ms Do said since taking over DJs in 2014, Woolworths had moved away from the previous house of brands strategy. 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 | Sebastian Bowen, News Corporation (ASX: NWS) might be facing some existential threats from its American cousins over the riots on 6 January. 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. Australian Financial Services Licence (AFSL): 400691, The Motley Fool Australia, PO Box 104, Isle of Capri, Qld 4217. But QUT retail guru Gary Mortimer told news.com.au that while private label could be easy to spot in supermarkets just look for the Coles or Woolies brands in department stores it was far tricker. Please try again. The staff discount applies to full price and discounted merchandise: 20% off any brand exclusive to Myer. Myer is Australias largest department store and has been synonymous with style and fashion for over 100 years. 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. It also helps drive foot traffic, which can boost cross sales., N O ONES GOING TO BUY A MYER-BRAND SUIT. Myer chief executive and managing director John King put the improvement down partially to the businesss renewed focus on exclusive brands (private label and otherwise). Subscribe for free to get the latest breaking news and analysis sent to your inbox. Myer is attempting to counter the loss of these brands by introducing new national and international brands and lifting house brands from almost 18 per cent to 20 per cent of sales. Mothers Day 2023: 30 gift ideas to treat mum. 2010 - 2023 The Motley Fool Australia Pty Ltd. All rights reserved. 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. 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. While Myers private-label brands grew by 3.7 per cent, sales of its branded ranges fell by a similar amount. But while fashion might be ripe for a department store own-brand takeover, there are several categories where brands reign supreme and likely will do for some time. We will build destination categories, such as accessories and exit . Discover legendary Absolue this Mother's Day in a profusion of joyful gold and an exclusive blend of Grand Rose extracts. A store like Mecca, for example, has an incredible loyalty program as well, and I think the department stores just cant match the atmosphere or the offering of those specialist stores, she said. 13 April, 2017 12:52. Mr King also said the supply chain impact of the coronavirus was being managed by teams in Hong Kong and Shanghai. Were working to restore it. Rhys Brock, The Aroa (ASX:ARX) share price has surged 60% since the Polynovo (ASX: PNV) competitor listed on the ASX in July., January 29, 2021 | The homewares brand Vue involved design, photography and artwork for over 300 SKUs across 30 product categories, produced in 12 countries. Australia; Newsletters Become a MYERone Member Today & Earn 2 credits for every $1 spent at Myer. 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. Names that Peaked in 1912. Shares in Myer are up 14.63 per cent to $0.47 per share at . David Jones and Myer will be changing the brands on offer to customers over the next five years. Until 1970, Myer did not use a proper logo. The team are focused on mitigating the impact of delays to the planned delivery of merchandise, he said. The companys womenswear segment was cited as a particular disappointing during the first half, especially in brands exclusively stocked by Myer. David Jones does not stipulate the total number of brands in 2011 apart from adding 90 brands for a "Home of Brands" strategy supported by the strategy to "offer the . By continuing to use our site you are agreeing to our. Retailbiz covers every aspect of Australias retail sector with a focus on the innovations and technologies that are driving the industry forward. It means retail 101 and what that means is constantly introducing newness and looking at whats not working and improving the execution for customers. Myer is set to continue to review its fashion range in a bid to stay at the forefront of the worlds fashion trends, according to Mr Winstanley. Its next results are due out in September. 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. "We will invest to grow Myer exclusive brands. Myer chief executive John King says a 3.8 per cent reduction in sales to $1.6 billion can be explained by several factors including a continued focus on profitability, the departure of Apple and the Country Road Group brands, and issues with the womenswear department We will build destination categories such as accessories, and exit selected categories where Myer is less profitable," King . If theres one thing upscale department stores are known for its big-name brands. 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. There are about 40 new brands in womenswear, spread across categories including daywear, evening, active and curve, and about 30 in menswear. I cant tell you what the future holds; were trying to drive online as hard as we can because if people are scared to come out, hey, they can shop at home, Mr King said. 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. 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. Myer did not have a sales mix target for private label and national brands, Mr Bracken said. The chief executive of Australia Post has revealed the extreme challenges that lie ahead as the organisation struggles to turn a profit. Retail outlets in Australia; Bendigo, Victoria; Victoria; Australia; 1900 . The collection will also include a comprehensive addition to the plus sized collection, including ONLY Carmakoma, Tokito Curve, Rebel Wilson and Juna Rose. The brands have accessible price points, on-trend designs and frequently updated ranges, a representative from Myer told Retailbiz. View the status of an order by entering your order number, email address, and phone number below, One-touch access to your Member Card and redeem Rewards directly from the App. Myer is Australia's largest department store group, and a market leader in Australian retailing. 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. Myer Exclusive Brands (MEBs) mix as well as lower promotional markdowns and shrinkage. Creating a Framework for Win-Win Partnerships Between Nonprofits and Corporate America March 22, 2023. For apparel brands Basque, Urbane, Soho and Blaq we developed logos and visual languages to talk to niche consumers. Rhys Brock, How does the Temple & Webster (ASX: TPW) share price stack up against rival furniture retailer Nick Scali Limited (ASX:, February 4, 2021 | Register, Join the conversation, you are commenting as Logout. They take the number of womenswear designer brands in David Jones to 200, most of which are exclusive to David Jones and not sold in Myer or specialty stores. Not going to be 80: Michael J Foxs emotional admission, Related: Black Friday spending smashes retail takings, Treasury warns on full hit to economy from virus, bushfires. 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. In an industry known for its transience, the Myer House Brands have proven to be long-lived and successful; with Vue growing to become one of Myers largest and most successful brands. 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. Under the terms of the deal, the ASX-listed department . 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. Credit: Graham Denholm. 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. More Lists containing Myer. Boy Names Ending in -er . In with the new Myer is promising new brands and better service to reinvigorate its fashion business. The platform will also feature gym . Myer has just re-signed Elyse Knowles as ambassador, with more talent set to join. TO MAKE THE WORLD As OrotonGroup (ASX: ORL) and Premier Investments (ASX: PMV) via their Smiggle brand have learned, there are salivating profits to be made. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. 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.
