NATIONAL: Urban fashion brand industrie has severed its ties with Myer, entering a long-term supplier agreement with rival department store David Jones.
It is understood the brand generated annual sales of $35 million through Myer, a significant chunk of its $85 million in overall sales revenue per annum.
Managing director and principal Nick Kelly said the agreement with David Jones would better suit the interests of industrie.
"In my negotiations with David Jones I found we have a common philosophy to clothing retailing and they have demonstrated a willingness to invest in and promote the industrie brand.
"David Jones has a long term approach to Australian retailing. They are constantly creating reasons other than discounting for the customer to visit and purchase goods from their stores."
David Jones CEO Mark McInnes said the agreement would also benefit the department store, with the youthwear category performing strongly despite tough trading conditions.
David Jones today reported a 6.5 per cent decline in sales for the first half of fiscal 2009, down from $1, 135.9 million in fiscal 2008 to $1,062.2 million.
Although like for like sales were also down 7.9 per cent on last year, it is understood womenswear, accessories and youth fashion were among the better performing categories.
For more on industrie's agreement with David Jones, pick up a copy of Ragtrader's February 27 edition.