It isn't all roses at Premier Investments, which reported a 21% surge in net profit to $88.1 million for fiscal 2015.
Ragtrader can reveal the retail powerhouse resolved to dispose of its 50% interest in Just Kor Fashion Group during the second half of the year.
Just Kor is a small proprietary company incorporated in South Africa, which is involved in retailing Premier Investments' Jay Jays retail chain.
An impairment loss of $765, 000 over the divestment was recognised for the financial year.
It is understood Premier Investments will instead focus on the international expansion of its Smiggle brand, which achieved global sales of $132.5 million for the year and operates in Australia, New Zealand, Singapore and the UK.
Meanwhile, the group's share of profit in its Just Kor Fashion Group investment for the first half of the year was just $311, 850.
Jay Jays is currently in the midst of a turnaround strategy, with the roll out of new format concept stores, sourcing refinement and assortment improvement.