Myer today announced an agreement to secure two troubled contemporary Australian brands, Marcs and David Lawrence, which is owned by M Webster Holdings Pty Limited and Webster Asset Pty Limited.
“The acquisition of these brands is strongly aligned with the New Myer strategy,” said Myer’s chief merchandise and customer officer and deputy CEO, Daniel Bracken.
Marcs and David Lawrence are two of Myer’s most productive and most sought-after brands in its stores, according to Bracken, who said he’s 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.”
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 store-in-store 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,” said Bracken.
Under the terms of the acquisition, Myer will acquire the 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.
Myer has not as yet disclosed the commercial terms of the transaction at this point.