David Jones has appointed its first female boss in its 188-year history, after the struggling department storeās private equity owners dumped chief executive Scott Fyfe and installed Erica Berchtold, who previously led online fashion retailer The Iconic, in his place.
The move, effective immediately, means Berchtold will replace Fyfe in a āplanned leadership transitionā, according to a statement from private equity firm Anchorage Capital Partners. Fyfe said he and the board had reached the decision through āmutual agreementā.
Berchtold joined David Jones in May last year as the retailerās chief commercial officer. She led The Iconic for nearly five years and was chief executive of Mosaic Brands before it collapsed in late 2024.
She said she was prepared to take the baton from Fyfe after having spent the past year reassessing the retailerās merchandise, mix of products and supply chain.
āI think we do a good job, [but] I think we could do a great job,ā Berchtold told this masthead.
āThis is the worldās oldest department store. Itās time for a little refresh and a bit of modernising, and thatās what weāll be doing.ā
David Jones has struggled for years to make money: last year, it booked $95 million in losses amid the declining relevance of department stores with the rise of online shopping and diminishing of foot traffic as more people work from home. It has pushed suppliers towards longer payment terms, and it announced on Monday that it had set up a new three-year loan with Hilco, which specialises in restructuring and lending to underperforming businesses.
Commenting on his departure, Fyfe said: āIt has been an honour to lead the business through some of the most challenging times, starting in COVID.ā
Anchorage Capital Partners said it was āfully appreciativeā of Fyfeās efforts and wished him the best for the future.
Jessica Yun is a business reporter covering retail and food for The Sydney Morning Herald and The Age.Connect via X or email.From our partners
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