News Briefs

6 November 2009

Currency woes
NATIONAL: Embattled fashion group Pacific Brands could lose more than $40 million in earnings for the first half of 2010 on currency hedging contracts. The company is locked into an exchange rate of US67 cents until December 31, in addition to taking out further hedging at more than US80 cents for the fourth quarter. With the Australian dollar currently close to US93 cents, this means it could face a possible loss of more than $40 million in earnings. The group posted a loss of $234 million in 2009. Pacific Brands’ portfolio includes Bonds, Berlei, Rio, Holeproof, Razzamatazz, Hard Yakka and KingGee.

Discount denim
NATIONAL: High-end denim label Ksubi has released a discounted range through department store David Jones. It follows the lead of international jeans brand Diesel, which lowered price points for the Australian market earlier this year in a bid to better compete with designer rivals. Ksubi has created 115 styles exclusively for David Jones, with prices starting at $69 for separates and peaking at $350 for its more premium denim styles. The brand, which is headquartered in Sydney, is currently available in 33 department stores nationally.

Rock on
PERTH: The refurbishment of the fashion precinct of the Rockingham Shopping Centre is complete, with major retailers Kmart and Target among the recipients of a makeover. The new look aims to bring more local and tourist business to the centre’s fashion retailers, which include Live Clothing, Pumpkin Patch, City Beach Surf and Transit. The $160 million centre redevelopment commenced in 2007 and was overseen by Colonial First State Global Asset Management.

Look at Moi
NATIONAL: Moi Moi Fine Jewellery has released a new line for recessionistas. The debut ‘Miabelle’ collection includes rings, pendants, earrings and bangles priced from $80 to $400. The line will be stocked exclusively at Moi Moi’s flagship store in Sydney’s Queen Victoria Building, as well as the brand’s dedicated online store. Pieces in the debut range are set with onyx and white topaz with further designs and colours expected for release in the lead up to Christmas.