Home / Knowledge / News / Apparel/Garments / Myer Holdings to acquire 100% stake in Sass & Bide
Myer Holdings to acquire 100% stake in Sass & Bide
12
Sep '13
Myer Holdings announced an agreement has been reached with its partners in Sass & Bide to acquire the remaining 35 percent of the shares in the business, taking ownership to 100%.
 
Myer Chief Executive Officer, Bernie Brookes, said double-digit sales and profit growth was achieved in the highly successful Sass & Bide business for FY2013.
 
“Since Myer acquired a 65 percent stake in the business in February 2011, Sass & Bide has delivered a consistently strong performance, growing sales by 45 percent and profit by 112 percent over the period. This has been an outstanding achievement,” said Mr Brookes.
 
“Sass & Bide is well placed to continue building on this strong platform and has an exciting pipeline of growth initiatives to deliver including new store openings and brand extensions into new categories.
 
“We enjoy a very positive relationship with Sass & Bide founders, Heidi Middleton and Sarah-Jane Clarke, as well as David Briskin and are pleased that they will remain involved in the business. Sass & Bide will retain its autonomy of management and most importantly, of design.
 
The process of valuation and settlement will be completed in coming weeks. The acquisition price is expected to be approximately $30 million and will be funded through existing facilities and cash flow.
 

Myer Holdings

Must ReadView All

Apparel/Garments | On 28th Feb 2017

Delta Galil's Q4 operating profit jumps 80%

In the three months to December 31, 2016, operating profit at apparel ...

View of YiwuTex 2016; Courtesy: YiwuTex

Textiles | On 28th Feb 2017

Smart knitting system to grace 18th YiwuTex 2017

The thematic functional knitting machinery zone at the 18th YiwuTex...

Textiles | On 28th Feb 2017

Over 100 exhibitors expected to participate in IATF

Over a 100 exhibitors are expected to showcase their products at the...

Interviews View All

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search