Myer today announced an agreement to secure the renowned and widely recognised contemporary Australian designer brands, Marcs and David Lawrence.
Myer Chief Merchandise and Customer Officer and Deputy CEO, Daniel Bracken was delighted to have secured these two iconic Australian brands.
“The acquisition of these brands is strongly aligned with the New Myer strategy. Marcs and David Lawrence are two of our most productive and most sought-after brands in our stores and we are very pleased they will continue to be available at Myer.
“We are also pleased that through this acquisition we hope to be able to secure the future employment of a number of the Marcs and David Lawrence people. However at this time it is too early to say how many team members will transition to Myer.” Mr Bracken said.
Geoff Reidy from Rodgers Reidy, Administrators for Webster Holdings said: “As well as securing the future of two iconic Australian brands Marcs and David Lawrence, Myer’s acquisition is in the interests of creditors. We are very pleased with the outcome.”
Both Marcs and David Lawrence will continue to operate within Myer under the shop-in-shop model ensuring that each brand’s core proposition is maintained. Our customers will continue to enjoy the Marcs and David Lawrence experience and full product offer across both apparel and accessories.
Under the terms of the acquisition, Myer will acquire the brands, intellectual property and inventory of Marcs and David Lawrence. Myer is working with the Administrator to determine the future of the brands’ concessions, free standing stores and arrangements with other retail partners.
Commercial terms of the transaction are not being publicly disclosed.
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