Shareholders of Myer and Premier Investments have approved a significant agreement that will allow Myer to enhance its retail presence to over 780 stores. As part of this deal, Myer will assume responsibility for Premier Investments’ clothing division, Apparel Brands, which includes well-known brands such as Portmans, Dotti, Jacqui, Just Jeans, and Jay Jays.
Recent proxy voting results highlighted a strong majority in favour of the merger during separate meetings for both companies. Myer’s chair and CEO, Olivia Worth, described the merger as one of the most crucial in the retailer’s 125-year history, aimed at benefiting shareholders despite ongoing cost-of-living challenges impacting consumers and the retail sector.
Worth noted that the merger is a strategic move to position Myer effectively amid a competitive and rapidly changing retail landscape. By establishing a formidable retail platform in Australia and New Zealand, which collectively generated over $4 billion in sales last year, Myer is set to strengthen its market position. Additionally, Solomon Lew, the billionaire owner and chairman of Premier Investments, has long advocated for this merger and will rejoin Myer’s board as part of the agreement.