Today
David Jones slides into loss as private equity owner works its debt
Anchorage Capital Partners says it is “working on a new capital structure” to support the business amid challenging conditions for department stores chains.
Yesterday
Shein shifts Australian marketplace to Singapore, raising tax question
The Chinese online fast fashion giant, which has expanded rapidly with low prices and a large range of merchandise, moved transactions to an overseas entity.
Mecca Brands revenues up 25pc to $1.2b but profits stay flat
The strong revenue increase for calendar 2023 was offset by expenses growing by a similar percentage.
David Jones, Qantas loyalty tie-up will challenge Wirth’s Myer reboot
The country’s two department store chains are going head-to-head in the battle to leverage customer loyalty, both relaunching rewards programs within weeks.
This Month
Country Road Group chief executive exits after four years
Raju Vuppalapati had been with the fashion retailer since 2021 and overseen the repositioning of brands from Trenery to Witchery, Mimco and Politix.
Mark McInnes to earn $2m for executive role at Lovisa
The retailer is adding to his responsibilities with Brett Blundy’s empire, joining the jewellery group which the billionaire chairs.
Pharmacy chain ‘underdog’ takes the fight to Chemist Warehouse
Peter Piliouras helped the billionaire Shahin family build On The Run, sold to Viva for $1.15b. He is now driving pharmacy expansion at Star Discount Chemist.
Wesfarmers switches Kmart boss John Gualtieri into Officeworks role
After more than six years in the top job at Officeworks, Sarah Hunter will be succeeded by Gualtieri, who has worked at Wesfarmers since 2008.
Wine market woes inflict more pain at Treasury, Vinarchy
Australia’s two largest wine groups are being forced to make some tough decisions to counter a global decline in consumption.
May
Bulldozers in the vineyards a poor omen for struggling winemakers
Bruno Brombal has seen plenty over his decades as a Riverina grape grower. But amid a never-ending wine glut, he says the best business to be in is excavation.
Accolade Wines, Pernod Ricard push turnaround in debut $700m debt deal
Sources said the syndication could still be a tough grind – thanks to assumptions around synergies between the Accolade and Pernod Ricard businesses.
Myer sees opportunity in turning retailer into loyalty giant
The company’s executive chairwoman, Olivia Wirth, has laid out a strategy that will substantially increase the Myer one program to grow margins and profits.
How this couple grew a digital photo event business from $1000 to $5m
Husband and wife team Warwick and Carla Groves have built Guestpix into a global player with customers in 100 countries. And it started in their own backyard.
Endeavour extends wine brands pullback with restaurant closure
Oakridge Wines in Victoria is closing its restaurant, two months after another Endeavour-owned winery, Shingleback, shut its cellar door.
Indebted pub baron Adgemis mortgaged mum’s house. She ‘had no idea’
Banker turned pub mogul Jon Adgemis allegedly did not tell his mother about the loan he took out on a multimillion dollar property they owned together.
ACCC, supermarkets clash over product checks in fake discount case
The competition regulator wants 12 grocery items to be reviewed – down from more than 200. Coles and Woolworths want six different items to be considered.
Kmart chief plots global expansion to deliver $20b sales target
The discount department store took centre stage at a strategy day hosted by its owner, Wesfarmers, outlining plans for new store formats and more Anko stores.
Myer says discount war is eating into margins
The retailer faces a challenge to turn around sales at Apparel Brands, the five clothing chains Myer acquired from Solomon Lew in January.
Cult fashion label Dion Lee sold to American retail giant Revolve
It’s said the high-profile designer will return to the brand he founded almost two decades ago after it emerges from administration.
Helloworld Travel corners 15pc of Webjet Holdings; pays 89c
Helloworld paid 89¢ per share in the latest shopping spree, well above the 80¢ level that BGH Capital’s bid placed on ASX-listed company.
Cult Aussie skincare brand sold for an estimated $50m to Vita Green
Queensland-founded skincare group Alpha-H, known for its Liquid Gold products, has been sold by its PE owners to a Hong Kong supplement company.
Ginger & Smart’s future uncertain after private equity fire sale
Alquemie has offloaded the high-profile womenswear label for a token amount at the same time as selling the remaining assets of online retailer SurfStitch.
Booktopia’s new owner swoops on library supplier James Bennett
DigiDirect snapped up the collapsed online book retailer last year and is using its high-tech new distribution facilities to find other growth opportunities.
Sweet tooth: Healthy snack-maker Fancy Plants buys dessert business
Rebecca Honner founded Rizo Desserts 12 years ago, drawing on her experience of limited food choice for ageing or sick Australians as her mother entered aged care.
Peter Stevens Motorcycles goes under, leaving 400 jobs in limbo
After 55 years of operation, the iconic motorcycle retailer has appointed KordaMentha as voluntary administrators.