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

Courtesy: Raymond

Apparel/Garments | On 28th Jun 2017

Raymond plans to invest Rs 1,400 crore in Amravati plant

Raymond, Indian textiles and apparel major, has decided to invest Rs...

Textiles | On 28th Jun 2017

GST and textiles industry: Analysis and opinion

The Goods and Services Tax (GST) is at long last all set to be rolled ...

Textiles | On 28th Jun 2017

India probing dumping of polyester yarn by China

Indian government is probing anti-dumping allegations against a...

Interviews View All

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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

news category


Related Categories:
July 2017

July 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search