MELBOURNE: Just Group's future hangs in the balance following the finalisation of a 90 per cent controlling interest in the company by predator Premier Investments. Reports out today suggest major Just shareholders including finance giant AXA - which has sold a large portion of its stake in Just - are running shy of having an entrepreneur as Just's major shareholder, hinting at a shift in direction for the group.
Premier head Solomon Lew has confirmed his intention to undertake a strategic review of the company, with industry commentators claiming this could involve job cuts and slimmed down supplier relationships. Meanwhile Lew is also reportedly considering expanding selected Just brands - which include Dotti, Peter Alexander, Jacqui E, Just Jeans, Jay Jays, Portmans and Smiggle - into the Asian market.
This week Just Group confirmed that Ian Pollard, Laura Anderson, Bronwyn Constance, Ian Dahl and Susan Oliver had resigned as directors of Just Group effective August 26. Michael McLeod, Terry McCartney and Jason Murray will remain as directors of the Just Group board.