Myer has revealed it will introduce new brands including Catherine Malandrino, Jayson Brunsdon Black label and Lee Anglomania by Vivienne Westwood over the coming months.
The department store made the revelation as part of its half year profit announcement. International labels Myer confirmed would be hitting its floors this year are US-headquartered womenswear brand Catherine Malandrino, the resort designs of Matthew Williamson Escape, The Row by celebrity duo Mary-Kate and Ashley Olsen, and Vivienne Westwood's collaboration for Lee jeans, Lee Anglomania.
Myer also revealed it plans to roll out extensions to current fashion brands including plus size womenswear label BIB, women's sportswear brand Urbane activ and Jayson Brunsdon Black label.
The investment in such labels comes in the wake of a half year in which sales dropped 3.5 per cent for Myer, from $1.8 billion in the first half of 2009/10 to $1.73 billion in the six months to January 29, 2011. Net profit after tax (NPAT) also dropped from $114.8 million to $108.9 million.
Myer CEO Bernie Brookes said the company's exclusive brands portfolio had seen growth however, jumping from 16 per cent of sales at this time last year to 17.4 per cent of sales today.
Fashion labels exclusive to Myer that recorded “pleasing performances” during the half year included accessories brand Design Studio, menswear label Jeff Banks, footwear brand Kenji, womenswear by Leona by Leona Edmiston, swimwear by Miss Shop, and men's formalwear label Domingo by Bagnato Designs.
Myer reported strong performances were also achieved by non-exclusive brands Levi's, Seafolly, Ben Sherman and Tommy Hilfiger.
The company used the half year profit announcement to flag changes to its supply chain. Myer revealed it is currently working with global sourcing giant Li and Fung to move to a direct sourcing supply arrangement from August 2011. The move will see Myer working out of two dedicated global sourcing offices in Shanghai and Hong Kong.
“Our team has extensive experience in Asian sourcing and this will enable use to deliver the latest fashion to customers in the most efficient and competitive manner,” Myer said of the change.
Other changes flagged for the department store retailer include an ongoing test of the online environment via its myfind.com website, a formal launch for Myer's Bourke Street Mall on March 31 and an upgrade of the fashion floors at Myer Sydney City.
“Sales have improved since January but are still behind last year,” Brookes concluded.
“In the second half of 2011 we anticipate trading conditions will continue to be challenging and we continue to expect NPAT for 2010/11 to be up to five per cent below last year's NPAT of $169 million.”