If share prices of Premier Investments and Myer are any indications,this deal is a hit.
Myer will acquire a suite of Premier Investments’ clothing brands in Australia and New Zealand,giving the businessman a seat on its board.
The retail billionaire joins a long list of big-end-of-town businessmen who have taken issue with how Labor is performing.
The billionaire rag-trader has his hands full amid a potential acquisition by Myer of five of its brands and a stoush with Smiggle’s ex-boss.
The Solomon Lew camp has taken a big swing sacking John Cheston,who was poached a few months ago by billionaire retailer Brett Blundy.
A deal that could see Macarthur Minerals get up to $70 million in royalties after the sale of its WA hematite iron asset has wooed smart money to its register.
The merger would give veteran rag trader Solomon Lew his long-awaited seat on Myer’s board.
He has taken his sweet time,but Solomon Lew is putting the pieces in place to cash out a decent part of the retail empire he has spent decades building.
Poaching John Cheston from kids stationery group Smiggle feels like a declaration of retail war.
The retail billionaire’s end game appears to go beyond just growing these Australian businesses internationally. Rather,it is a plan to establish each as global brands.
The popular stationery and sleepwear brands are set to be spun out of Premier Investment’s stable of brands next year.