SYDNEY: Designer label Sass & Bide has bunkered down amid reports of a possible buyout of the brand by department store Myer, with the industry rumor mill going into overdrive.
The Australian Financial Review today reported Myer was in talks over a possible purchase of the Sass & Bide label for approximately $70 million. If the deal goes through it will mark the first acquisition by the department store since floating last year. Rival department store David Jones and private equity firms are also reportedly in line as possible buyers.
Ragtrader attempted to contact Sass & Bide and part-owners Daniel Besen and David Briskin, who purchased a share of the company in 2009, but all parties were unavailable to comment.
Briskin denied media reports that Sass & Bide was actively seeking an investor or buyer when interviewed by Ragtrader last year (December 3, 2010 issue).
“We do get approached by people all the time wanting to either partner together or do some projects together, or invest in the business potentially, [but] we are not specifically looking for an investor,” he said.
However, he did confirm the label's operations were under strategic review with financial advisory firm KPMG at the time.