Myer will perform a complete overhaul of its apparel and beauty sections to tap into a younger demographic of consumers.
In a presentation to investors on Wednesday, a strategic review by the brand found Myer’s exclusive brands and its apparel brands were being underutilised.
“The preliminary phase of our strategic review also identified a potential combination with Premier Investments’ Apparel Brands business to accelerate our strategic priorities,” said executive chair Olivia Wirth.
The company will redesign and strengthen its exclusive brands in a bid to overhaul its apparel strategy, making Myer the go-to destination for casual wear.
It will allocate each of its exclusive brands to one of seven ‘worlds’ to provide a distinct brand DNA.
“There’s no doubt we have a strong customer base, but from our review, it is clear that we currently over-index in the 44-to-59-year-old category, while under-indexing in other categories,” said Wirth.
“We need to broaden our appeal and there is real opportunity, particularly in the under-30s and the 31-to-43-year-olds, as well as the 60+ group,” she said.
ThereAfter will target the 16 to 30-year-old demographic, Blaq will focus on those aged 31 to 43, Basque will address the 44 to 59 demographic, and Regatta will be geared to those aged 60 and over.
Grab will zero in on casual wear and Australian denim brands, while 12-week ‘only at Myer in-shop’ showcases will highlight seasonal ranges of outerwear, swimwear and athleisure.
“With the apparel brands acquisition finalised earlier this year, combined with our decision to retain Sass & Bide, Marcs and David Lawrence, we created the Myer Group – a unique and scaled retail platform,” said Wirth.
The group will focus on penetrating the 31 to 49-year-old segment of the market by redesigning stores, adding curated experiences such as nail and blow-dry bars, focusing on customer-validated brands, and anchoring casual wear across categories.
A major focus of Myer will be on doubling its beauty offerings and redesigning its beauty halls into four different ‘worlds’ to highlight new brands and products, according to chief merchandise officer Belinda Slifkas.
The company is also making changes to ensure sustainable business growth over the coming three to five years.
“We’re modernising our sourcing, overhauling our distribution channels and resolving issues at the National Distribution Centre,” said Wirth.
“All of these drive efficiencies, and when we get the fix in place, will help us reduce the cost of doing business,” she said.
