- Rivers is a well-known Australian brand with a long history dating back almost three decades, when it commenced operations as a shoe manufacturing business. Today it is a well recognised retailer with 160 stores across Australia;
- The acquisition is part of the Group’s long-term growth strategy to expand its footprint in the mature, value segment of the specialty fashion market and marks the Group’s entrance into value footwear, men’s and children’s clothing; and
- Specialty Fashion Group’s research shows that Rivers is the favourite footwear brand of Millers’ customers, and almost 50% of mens’ clothing purchases are made by women, giving the Group the unique opportunity to leverage its seven million strong customer database.
Gary Perlstein, Specialty Fashion Group CEO, said: “Specialty Fashion Group is delighted to add the Rivers Australia brand to its portfolio. Rivers has a strong, loyal following, built on its reputation for comfortable, good quality products and we look forward to working closely with the Rivers team to reinvigorate the business and integrate the brand into the Group. All Rivers employees will be offered employment in the Group.
“For Specialty Fashion Group, the transaction makes business sense as it is a highly complementary acquisition. The iconic Rivers brand resonates strongly with the Group’s existing customer base. There is an operational improvement opportunity in the short-term, and we expect to grow the brand, with material benefits from the acquisition to flow through from FY2015.”
Strategic rationale for the acquisition
Specialty Fashion Group operates in a retail environment where quality, price and value are critical to its customer base. The acquisition of Rivers is beneficial for the Group because:
- The acquisition enhances the Group’s market leading position in the mature, value segment of specialty fashion and footwear retail;
- It marks the Group’s entrance into value footwear, men’s and children’s clothing markets, expanding the Group’s reach to new and current customers; and
- Rivers is an iconic Australian brand that is a complementary fit for the Group’s brand portfolio and presents significant growth opportunities that are expected to be realised by FY2015.
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Specialty Fashion Group
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