Myer investors have waved through a deal that will see the underperforming department store absorb and operate the Jay Jays, Just Jeans, Dotti, Portmans, and Jacqui E brands that chief executive Olivia Wirth insisted were still beloved by customers.
Of the direct and proxy votes Myer had collected before the extraordinary general meeting on Thursday morning in Melbourne, the majority (95.5 per cent) had voted in favour of the proposal to absorb the collection of brands, known as Apparel Brands.
Myer investors have embraced the $950 million deal that will see the department store operate Jay Jays, Just Jeans, Portmans, Dotti and Jacqui E.Credit: Edwina Pickles
In response to a question from a shareholder who accused Wirth of pushing an overpriced deal to take on “declining”, “B-grade brands”, the chief executive insisted the merger would put Myer in a better position in the long term.
“Let me be very clear: this was not about a short-term sugar hit,” she said, adding that the department store had done its own due diligence about the popularity of Apparel Brands among consumers.
“They are well-loved, and they are cherished, and they are heritage brands … Many of these brands have been around for decades,” said Wirth.
Myer chair and chief executive Olivia Wirth at the company’s annual general meeting in December 2024.Credit: Eamon Gallagher
“We will continue to invest in them to make sure that they are relevant and compelling offerings for all age groups, whether it’s the younger ones with Dotti and Jay Jays, or it’s the older customers in Jacqui E, or it’s those starting their first job.
“I know where I bought my first suit when I left university; it was Portman’s.”
Myer is purchasing Apparel Brands from retail veteran and billionaire Solomon Lew’s Premier Investments, which also operates Smiggle and Peter Alexander. Lew, a 40 per cent shareholder in Myer, will gain a seat on the board.
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