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Myer to acquire apparel retailer Sass & Bide

RBR Staff Writer Published 16 September 2013

Myer Holdings, Australia-based department stores chain, has agreed to acquire the remaining 35% stake in Sass & Bide, a designer and retailer of women’s ready-to-wear, for a consideration of AUD$30m ($27.9m).

Myer intends to fund the transaction through existing facilities and cash flow. The company acquired 65% stake in Sass & Bide in February 2011, and has witnessed a 45% spike in sales and 112% rise in profits over the period.

The transaction is expected to expand business operations as well as offerings of Myer.

Myer CEO Bernie Brookes said, "Sass & Bide is well placed to continue building on this strong platform and has an exciting pipeline of growth initiatives to deliver including new store openings and brand extensions into new categories."

Myer Holdings operates department stores in Australia. The company offers men's wear, women's wear, youth wear, children's wear, home wares, intimate apparel, electrical goods, footwear, furniture, toys, handbags and accessories.

The company operates more than 67 stores under the banner Myer.