Home > Latest News > Solomon Lew Increases Share In Myer To 31%, Inches Towards Complete Controlling Stake

Solomon Lew Increases Share In Myer To 31%, Inches Towards Complete Controlling Stake

Australian retail billionaire Solomon Lew is inching towards acquiring a complete controlling stake in Oz upscale department store chain Myer.

On Thursday, he acquired another nearly 3 per cent of Myer by way of his listed fashion and investment vehicle Premier Investments.

Premier Investments bought up 2.95 per cent of Myer on Thursday, paying A$75c per share.

Lew already has a majority stake in the business, which now stands at 31 per cent – a stake that is worth A$185.66 million.

Lew’s Premier Investments began a strategy of acquiring gradual stakes in Myer around seven years ago. Premier, which has ownership of fashion and retail chains including Portmans, Smiggle, Peter Alexander and Just Jeans and large equity stakes in kitchen appliances maker Breville, began with acquiring a 10.77 per cent stake in Myer in 2017. Subsequently, it began to up its stake in Myer approximately every six months.

Myer has 56 department stores across Australia and is undergoing a reshuffle at the very top. Qantas Loyalty chief executive Olivia Wirth is taking over as chairwoman of Myer, with Ari Mervis exiting his role as chairman. The CEO John King will be leaving in June too.

Former Qantas executive Olivia Wirth was appointed Myer executive chairwoman last month

Former Qantas executive Olivia Wirth was appointed Myer executive chairwoman last month

Lew will be seeking to gain greater clout within the operations of Myer too. At present, Premier Investments director Terry McCartney is on the Myer board and was recently joined by former Premier Investments director Gary Weiss who is Myer”s deputy chairman and lead independent director.

It’s worth noting that last year, the former Group CEO of JB Hi-Fi, Richard Murray, quit Premier Investments where he was CEO for only 22 months.

In 2023, total sales at Myer rose 12.5 per cent to A$3.36 billion. Its online sales last year was A$690.5 million – 20.5 per cent of total sales. Its operating gross profit grew by 6.9 per cent to A$1.22 billion last year too.



You may also like
Apple Bites The Bullet With AI-Capable M4 Chip In New iPad Pro Devices
New Honda Accord To Become Safer With Telstra SIM Cards
Belkin’s Auto-Tracking Stand Pro With DockKit Now Available In Australia
Australians Tipped To Spend Around A$1 Billion On Mother’s Day
Google headquarters in California
Google vs US Government: Historic Case Hears Concluding Arguments