It says a lot about the diverging fortunes of Premier Investments and the once great Myer department store chain that Premier's 2021 first half earnings are more than Myer's total equity capital and almost as much as its market capitalisation.

This would have been inconceivable a decade ago. The transformation of Premier into the country's leading retail fashion clothing platform and Myer's gradual demise are a stark reminder of the pressures on companies to constantly adapt.