Sass & Bide Swaps David Jones for Myer
Sass & Bide is stirring up some Down Under fashion drama.
The contemporary Australian label has scored a new investor in the form of Aussie department store Myer, while rival retailer David Jones has announced it is ending its 10-year relationship with designers Heidi Middleton and Sarah-Jane Clarke, Frockwriter reports.
David Jones is claiming it opted against buying a stake in Sass & Bide amidst concerns over its business prospects. Myer, meanwhile, now owns a 65 percent stake in the label and will be its exclusive Australian department store retailer.
“We did the calculations and could not justify the price paid for the business, particularly given the lack of growth in our Sass & Bide business with sales and gross profit in FY10 at approximately FY05 levels," David Jones CEO Paul Zahra said.
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