Were working to restore it. document.getElementById( "ak_js_13" ).setAttribute( "value", ( new Date() ).getTime() ); Fill out the form below and click the 'Download Now' button to read the full report on 7 STRATEGIES BEHIND THE WORLD'S MOST SUCCESSFUL DESTINATION BRANDS. Myer doubles its outsourcing from China Business This was published 11 years ago Myer doubles its outsourcing from China Myer will nearly double its direct outsourcing of fashion, homewares and merchandise from China to $200 million. In March, Myer reported a small underlying jump in profits to $41.2 million. The brands have accessible price points, on-trend designs and frequently updated ranges, a representative from Myer told Retailbiz. More Lists containing Myer. 4 Letter Boy Names. 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. Myer and David Jones are also busily signing up exclusive brands. People are generally tight on spending but on Black Friday they do come out, Mr King said in an analyst call on Thursday. She has a broader choice in market And she's more diverse in what shes spending her [money] on," she said. 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. Join the conversation with your fellow The New Daily readers and see their replies. Please try again. 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. The brand is very customer centric and the stores offer exclusive brands and high quality services. Many, but not all, are exclusive to Myer, something that has been a cornerstone of chief executive John King's strategy for reversing the company's fortunes since he took over in mid-2018. The big changes coming to Myer and David Jones. Email: [emailprotected] 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. . It means retail 101 and what that means is constantly introducing newness and looking at whats not working and improving the execution for customers. "Theres always been areas and brands that have been slower performers. . The majority of the brands will be international labels including Selected Femme, Selected Homme, Oasis, Warehouse and Twisted Tailor. Couple of times a year (especially near . The retailer owns or stocks 66 MEBs after buying several distressed brands, such as Trent Nathan and Charlie Brown, and developing in-house labels. But depending on how they roll out their new strategies, they could pull off a turnaround in five years.. Given these brands offer much better margins than national brands, or Myer's . Name Generator. Were sorry, this feature is currently unavailable. These elements, coupled with a strong focus on customer service, provide an inspirational shopping destination for all ages. Help using this website - Accessibility statement, women's fashion floors following a $400 million refurbishment. Lisa Ho, which has suffered trading difficulties and recently entered voluntary administration, could be a sensible addition to Myers expanding portfolio of acquired brands. . 13 April, 2017 12:52. Myer's website crashed around 6 pm as customers flocked to the site, lured by discounts of 30 to 50 per cent. The team are focused on mitigating the impact of delays to the planned delivery of merchandise, he said. Under the terms of the deal, the ASX-listed department . "It's very similar to what David Jones went through and our brands in David Jones have had fantastic growth since then.". 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. Follow the topics, people and companies that matter to you. Few people would see Country Road or Witchery as an own brand, yet they too are owned by Woolworths, and the company is ripping the names out of Myer so DJs can say its the only department store hosting the fashion names. Myer has just re-signed Elyse Knowles as ambassador, with more talent set to join. Learn More. The Motley Fool Australia does not guarantee the performance of, or returns on any investment. 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. Search for product or brand Clear. "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. Myer is at the forefront in the development of new retail concepts and experiences. Join the conversation, you are commenting as. OFF. Department giant Myer has reported a 37 per cent drop in first-half profit, weighed down by restructuring cost, redundancies and the exit of Apple products and Country Road Group brands. Scope of rollout included brand positioning, identity design, packaging design, point of sale, signage, ticketing and labelling, and brand standards documentation. Egg farmers play down threat from cane toad of salmonella. Contact Details: The company has foreshadowed another dip in sales to come in the future thanks to the exit of brands from the store. This includes Woolworths Country Road Group brands, she said. Indigenous Voice is wrong and potentially quite dangerous: Abbott, Not going to be 80: Michael J Foxs emotional admission, AFL appoints Andrew Dillon as next chief executive, Watch: Paramedic farewelled, Greenwich legal action, Referee assault, Man in court for shocking attack on soccer referee, Support overwhelms referee as alleged attacker jailed, NRL concedes knock-on error on crucial golden point call for Raiders, Greenwich to sue Latham over homophobic tweet, Home values rise as housing market downturn wanes, Search for missing man continues after body found, The New Daily uses cookies. 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 flagship membership service, Share Advisor. Find out more about our policy and your choices, including how to opt-out. document.getElementById( "ak_js_15" ).setAttribute( "value", ( new Date() ).getTime() ); Download the full report to learn about the 12 strategies that will show you how you can prepare your business to survive and thrive through a recession. 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. 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. 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. David Jones has culled about 180 brands from its portfolio of more than 2500 brands over the past six months, including 80 in womenswear alone, clearing floor space for brands such as Seed, FCUK, Marcs, Country Road, Trenery and Witchery and private labels Studio W and Re:. However, what is considered a private label is becoming a grey area. 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. By continuing to use our site you are agreeing to our. Sales of 'Myer Exclusive Brands' or private labels, however, declined 12 percent to 300.2 million Australian dollars, or $226 million. In David Jones, Studio W and Re: are brands owned by the firm's ultimate owner, South Africa's Woolworths Holdings. On the other hand, concession store sales fell by 5.7 percent. 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.. 6 OUR CUSTOMER FIRST PLAN ' ' 10 All. 2010 - 2023 The Motley Fool Australia Pty Ltd. All rights reserved. Categories. Nationwide News Pty Ltd 2023. View Myer's Tire Supply selection of tire repair supplies, tire valve and hardware, tire patches, tire changing tools, equipment and back shop supplies. Rhys Brock, It's been a volatile year so far for the Aussie nursery retailer. Myer struck an agreement to acquire the two brands from the administrator for an undisclosed sum on 12 April. The chief executive of Australia Post has revealed the extreme challenges that lie ahead as the organisation struggles to turn a profit. Names that Peaked in 1912. Myer and David Jones look set to overhaul their range of brands as the two department stores fight to remain competitive in the increasingly challenging retail market. Tweet. 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. 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. WELCOME TO MYER PROPERTIES. 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. Its next results are due out in September. Upgrades are also planned for the Albury and Ballarat stores. While Myers private-label brands grew by 3.7 per cent, sales of its branded ranges fell by a similar amount. "They have a lot of brands in their stable that just don't resonate with their customers," he said. 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 Total comparable store sales grew by 0.4 per cent when excluding Apple and Country Road Group sales. Free Delivery Over $99* Order By May 3 For Mother's Day. The majority of the brands will be international labels including Selected Femme, Selected Homme, Oasis, Warehouse and Twisted Tailor. 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. However, what is considered a private label is becoming a grey area. 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. Become a MYERone Member Today & Earn 2 credits for every $1 spent at Myer. Myer deputy chief executive Daniel Bracken is culling private label and national brands to clear floor space for new labels. Australia; Newsletters The store recently re-signed 27-year-old model and The Block winner Elyse Knowles, and is set to announce another new face in coming weeks. In with the new Myer is promising new brands and better service to reinvigorate its fashion business.Credit: Eddie Jim. [Its a chance to] de-stock and refocus on inventory and what we really need, he said. This logo can still be seen at some locations. 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. Myer is Australia's largest department store group, and a market leader in Australian retailing. 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. Visibly revitalise your skin with the ultimate golden Soft Cream collection, to boost skin luminosity and radiance, lift and firm, and target signs of ageing. 1 use today . The company has also warned the tough times will continue as the coronavirus outbreak exacerbates the pain of an already soft consumer environment. You can do it. from Denmark and Rodebjer, that exemplify the "modern Scandinavian" trend that's dominating the fashion world. As part of the Myer turn-around strategy, Davidson worked closely with Managing Director, Dawn Roberts, to help rationalise and revitalise the entire house brand portfolio. The keen interest, February 19, 2021 | We are an exclusive property management company for owners of vacation properties on the Beaches of South Walton, and Destin. Theres just so much competition with discount department stores and other specialty retailers finding their niche, so theyll struggle. ", Myer has just re-signed Elyse Knowles as ambassador, with more talent set to join.Credit: AAP. The battle between David Jones and Myer for exclusive brands shows no signs of easing even as the department store chains chase consumers at different ends of the market. Myer has also shuttered its clearance floor concept and is targeting another 73,000 square metres of reduced floor space in coming years. Image: Wikimedia. 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. In the future there will be less brands you know and more brands youve never heard of. In a presentation to investors today, Myer CEO, Richard Umbers, detailed the retail group's 'New Myer' strategy, outlining four key pillars for turning the business around: Customer-led offers, wonderful experiences, omni-channel shopping and a productivity step change. Listen to Our Podcast Myer says its online sales are up 25 per cent, but it's not enough to see off a fall in profit. Subscribe for free to get the latest breaking news and analysis sent to your inbox. 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. In with the new Myer is promising new brands and better service to reinvigorate its fashion business. 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. Get The New Daily free every morning and evening. Theyre trying to minimise brands that are sold in both stores, and this is just so they dont cannibalise their own sales and lessen the competition between the two, Ms Do said. Equally, Sass and Bide has gone from upstart independent to wholly owned Myer brand. Please try again later. 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. Some of the local names set to feature in the range include Torrance, Nique, Kappa, Fila, Dr Denim and Jack London, while some of the youth brands include Girls on Film, Warehouse and Oasis out of the UK. 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. He was reluctant to offer a long-term outlook but said the virus was a potential cashflow opportunity in the short term. Our interactive flipbook versions work on mobile phones, tablets and PC's. 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. 15% everything else (Cosmetics, Apparel, Handbags, Homewares etc) 50% off Full Priced Black Apparel by Myer Exclusive Brands, to wear for work. 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. Over the next five years, Woolworths plans to continue boosting sales of private-label and exclusive brands to differentiate David Jones from Myer. Secondly, the department store is going to focus more heavily on its 'Only at Myer' branded category. Please remember that investments can go up and down. Women's: Veronica Beard, Ba&sh, Paper London, Lorna Jane, Warehouse, Forever New Curve. "We have a very clear focus on who the most valuable customer is to our business and that's what is driving us to put these new brands into our business," he said. ", Women's: Veronica Beard, Ba&sh, Paper London, Lorna Jane, Warehouse, Forever New Curve, Men's: Nicce London, Dr Denim, Reebok, Mr Simple. The department store will continue to grow and invest in the plus size space, the representative told Retailbiz. 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 | Australians are set to spend $925 million on mothers this year. Creating a Framework for Win-Win Partnerships Between Nonprofits and Corporate America March 22, 2023. Total sales of MEBs increased by 1.9% to $527.2 million, now representing 17.6% of total sales as a result of improved merchandise ' AA AM 2019 2019 2019. The battle between David Jones and Myer for exclusive brands shows no signs of easing even as the department store chains chase consumers at different ends of the market . Get Deal . Chief executive John King said shoppers were already steering clear of the shops before virus fears emerged, with general footfall subdued for most retailers. Sign Up for Take Stock 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. 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. Myer is in a position to "grow our Myer Exclusive brands", which was at 50 at 2011 reporting time complementing the other 2,400 brands for a "whole of home" solution. The Hornsby store closed in January while refurbishments have commenced at the Myer stores in Cairns and Karrinyup, underpinned by significant landlord contributions. "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. This Service provides only general, and not personalised financial advice, and has not taken your personal circumstances into account. 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 chief executive and managing director John King put the improvement down partially to the businesss renewed focus on exclusive brands (private label and otherwise). 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 | And despite leaching several brands to its main competitor, David Jones, Myer has secured Australian labels including Hansen & Gretel, Atoir, Husk, and Pfeiffer. 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. Copyright 2023 The New Daily. 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. Take a look at the top gifts she will love. Rhys Brock, The Atomos (ASX: AMS) share price has surged 15% this week. Popular. What Aldi has demonstrated is that private label products can be as good as the national brand product theyve legitimised private label, said Mr Mortimer. $10. and exclusive brands were underway but would . Other brands new to Myer. Myer is one of more than 70 Australian retailers, suppliers and vendors who are members of the RFID Coalition, formed almost three years ago by GS1 Australia to accelerate the take-up of the. Motley Fool contributor Tim McArthur does not own shares in any of the companies mentioned in this article. I want a Samsung TV, not a Myer TV, said Mr Mortimer. The companys womenswear segment was cited as a particular disappointing during the first half, especially in brands exclusively stocked by Myer. Some of the best beaches and communities in Florida are found on the 28 mile stretch of Highway 30A, in South Walton and in the beaches west to Destin. "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.". All rights reserved. Myer has a range of house brands across homewares, women's apparel, men's apparel and children's apparel. log in. 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. "The decision by Woolworths Holdings has allowed Myer to recalibrate its range to new and exclusive brands, which should support sales, while the focus on Myer exclusive brands achieving 20 per cent of sales should expand gross margins," JP Morgan analyst Shaun Cousins said in a report last week. Luxury brands, Department stores, and 5 more. Shopping around for high yielding ASX shares? 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. 0. Myer Mega Brand Sale: Women's clothing from top brands for 25-30% off. document.getElementById( "ak_js_3" ).setAttribute( "value", ( new Date() ).getTime() ); document.getElementById( "ak_js_4" ).setAttribute( "value", ( new Date() ).getTime() ); document.getElementById( "ak_js_5" ).setAttribute( "value", ( new Date() ).getTime() ); document.getElementById( "ak_js_6" ).setAttribute( "value", ( new Date() ).getTime() ); Fill out the form below and click the 'Download Now' button to read the full report on MARKETING TO MILLENNIALS. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Nonetheless, IBISWorlds Ms Do said since taking over DJs in 2014, Woolworths had moved away from the previous house of brands strategy. "We will invest to grow Myer exclusive brands. Department store owner Myer (ASX: MYR) is reported to be running the ruler over a purchase of high-fashion womens wear label Lisa Ho. To join the conversation, please Shop All Brands Clothing at Myer. In David Jones, Studio W and Re: are brands owned by the firms ultimate owner, South Africas Woolworths Holdings. After several years focusing on the high end, there is a discernable shift towards well-priced brands such as Chichi London, which Hurley said offers "value, commercial, accessible dresses" for less than $160 and it expected to perform strongly for the crucial pre-spring racing period. Myer added more than 50 new brands such as Jack & Jones, Vero Moda, Oasis, Warehouse, Jack London, Girls on Film, Lorna Jane, Radley, DKNY, Selected Femme and Twisted Tailor last year and another 40 new brands will launch before Christmas. Myer deputy chief executive Daniel Bracken is culling private label and national brands to clear floor space for new labels. There are reports the business could be bought in a multi billions dollar deal after it first landed on Aussies shores back in 1977. Please try again later. 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. 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. Nikhil Gangaram, Investors will be keeping an eye on the Michael Hill International Limited (ASX: MHJ) share price today. We are also focused on growing brands where we have seen a strong response through spring. The homewares brand Vue involved design, photography and artwork for over 300 SKUs across 30 product categories, produced in 12 countries. There are about 40 new brands in womenswear, spread across categories including daywear, evening, active and curve, and about 30 in menswear.
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