January 2024
Brett Blundy hires Mark McInnes as golden handcuffs come off
McInnes is cautious about the consumer outlook, but says the retailers inside the empire of his billionaire new employer have the three traits needed to win.
September 2023
Who’s next? Divorcing the ASX can bring hidden payday
Unloved companies are disappearing from the ASX through private equity buyouts, privatisations and voluntary delistings.
June 2023
Rate rise that broke retail | How VC picks the next big thing | Chalmers’ Lowe dilemma
In this week’s podcast episode, James Thomson and Anthony McDonald see more signs rate rises are hitting consumers, and discuss how investing can be an art.
Best & Less dumps new chief three months before she was to start
The company said Ray Itaoui, who has acquired a controlling stake in Best & Less alongside billionaire businessman Brett Blundy, will assume the role.
Sales plummet at discount retailer Best & Less
The takeover target warned that same store sales have fallen 13.2 per cent in the past five weeks, joining a long list to call out worsening conditions.
Best & Less reveals Australia’s spending pain, and there’s more to come
It’s getting worse in consumer land – and we’re a long way from the bottom.
The Iconic appoints Jere Calmes as new CEO
London-based e-commerce fashion company Global Fashion Group has appointed Jere Calmes as the CEO of the local online retailer.
May 2023
Blundy takeover of Best & Less ‘not fair’ but reasonable
Independent expert Deloitte valued the clothing retailer’s shares higher than the offer price but accepts there are practicalities which need to be recognised.
Best & Less CEO appointment intact under Blundy deal
Brett Blundy and Ray Itaoui are long-time business partners dating back to their Sanity Entertainment days. Now they are moving into discount retail.
‘Cost is the enemy’: Brett Blundy’s road to Best & Less
That the Bras ‘N’ Things and Sanity Music founder could get away with an offer for the budget retailer less than its previous closing price is a sign of his stellar reputation.
Best & Less more block trade vs traditional takeout, Allegro gets $77m
In all, Allegro looks ready to have collected $200 million from Best & Less and Postie.
April 2023
Brett Blundy lobs $1.89 bid for retailer Best & Less, Allegro rolls in
Retail billionaire Brett Blundy is understood to have lobbed a $1.89 a share bid for listed retailer Best & Less, in a proposal that is a 4.5 per cent discount to the last close but has support from the target’s largest shareholder Allegro Funds.
Best & Less poaches new CEO from The Iconic
Erica Berchtold has headed Australia’s largest online-only fashion and lifestyle retailer since 2019. She now will also need to look after 248 stores.
January 2023
Best & Less shoppers cut back as profits slide
The clothing retailer, which runs 245 stores with a customer base of mainly lower income households, is feeling the pinch as cost of living pressures mount.
May 2022
McEwan, Harvey say business is great
From NAB boss Ross McEwan to retailer Gerry Harvey, the bosses of the country’s biggest companies are confident about the future despite the hurdles of inflation and rates.
February 2022
Allegro hunts for targets with ‘wrinkles’ after $600m raising
The private equity group expects more distressed businesses to raise the white flag, as inflation rises and the pandemic puts stress on business owners.
November 2021
Cooler weather hits summer fashion sales at Best & Less
Old-school factors such as the weather are still a big determinant of sales for fashion retailers.
August 2021
Investors peer into tea leaves after bumper earnings
Going on the numbers, this earnings season has beaten expectations – and there’s still more to come next week.
Best & Less eyes ‘one of the biggest Christmases ever’
Best & Less expects lockdowns to drive a bumper Christmas period for the clothing retailer, and like fellow retailer City Chic is holding extra inventory to avoid logistical challenges.
Harris Scarfe creditors told to wait longer for uncertain return
Fifteen months after a $50 million rescue offer, creditors have been told their distribution has been further delayed and the value of the return is uncertain.