Stationery brand Smiggle and sleepwear business Peter Alexander will be spun off from Premier Investments’ portfolio of brands next year to become ASX-listed retailers in their own right and turbocharge international expansion plans.
The spin-offs would mean each business would have a board of directors and management team singularly focused on the standalone brand, he added. “In the event that the business does get spun out, it will have a separate board, it will operate independently, and in some instances, will be able to move a lot faster,” Lew said. “There’s a lot of effort going into international growth.”
Smiggle’s global sales dipped 3.6 per cent to $183.9 million in the first half of the 2024 fiscal year as families juggled cost of living pressures. Meanwhile, Peter Alexander’s sales shot up 6.7 per cent to $279.3 million. In the first half of the 2024 financial year, six new stores were opened, four stores were expanded or relocated, and a further three are set to open between now and July.
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