Myer buys clothing stores Jay Jays, Dotti, Portmans and Just Jeans in mega $950m deal
Department store giant Myer has struck an almost $950 million deal to buy the company behind popular brands Jay Jays, Dotti, Portmans and Just Jeans.
Myer will purchase Premier Investment's clothing division Apparel Brands, owned by billionaire businessman Solomon Lew.
The mega deal will see Myer buy the retailers in exchange for 890 million new shares worth $863.78 million.
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Myer will purchase Apparel Brands for 890 million new shares. Natalie Boog/AFR
The deal also includes $82 million in cash.
If approved by shareholders, the purchase will give Myer ownership over nearly 800 retail stores across Australia and New Zealand.
Apparel Brands has 700 stores, while Myer runs 64 retailers including sass & bide stores, Marcs and David Lawrence.
The combined group will employ 17,300 people.
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The Apparel Brands clothing vision comprises Jay Jays, Dotti, Portmans, Just Jeans and Jacqui E.
In 2024, it delivered a revenue of $791 million.
Premier Investments will retain ownership over its other retail brands Peter Alexander and Smiggle.
The department store giant will now own Just Jeans. Edwina Pickles
Lews will also join the board of Myer as non-executive director following the completion of the deal.
"This is an opportunity for our team and our shareholders to play an important role in the future of the Australian and New Zealand retail landscape," Lew said in a statement to the market.
"Myer and our Apparel Brands will be stronger together – delivering vertical integration, scale, additional margins and loyalty opportunities.
"Meanwhile, Premier's Board will be focused on the ongoing growth and performance of Smiggle and Peter Alexander, including as they pursue local and international growth opportunities."
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Jay Jays is also a brand owned by Premier Investments. Nine
Lews was once chairman of the former Coles Myer giant and is now returning to the 125-year-old brand.
The deal is expected to be completed in early 2025.
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