The proposed merger between Myer, an Australian department retailer, and Premier Investments Limited’s Apparel Brands division has been approved by shareholders. The motion was approved by 95.45 per cent of shareholders at a corporate general meeting.
When Myer executive chair Olivia Wirth announced the meeting’s outcome, she said the company was thrilled with the “strong backing,” noting that shareholders had shown “overwhelming support for the combination” and the company’s plan “to create a leading retail platform across Australia and New Zealand.”
As part of a strategy assessment conducted by Wirth, who aimed to boost Myer’s profitability and promote sustainable earnings growth, Myer and Premier initially started looking into a possible cooperation in June 2024.
According to Wirth, who stated in a separate regulatory filing that the company aimed to deliver “a step-change” in its market position and generate financial benefits for shareholders, the merger with Apparel Brands, the parent company of Jay Jeans, Jay Jays, and Dotti, accelerates Myer’s strategic priorities. It also aims to address Myer’s difficult trading environment, which Wirth claimed has shown why it is so important for retailers to develop and innovate.
Together, the two companies will have a “stronger balance sheet to fund future investment and growth” with pro forma historical annual revenues of over US $ 2.51 billion in FY ’24. Additionally, a combined total of 783 department and specialist stores will be included.
Premier brands will formally join the Myer portfolio on 27th January after the acquisition is expected to close on 26th January.
