Studibaker
SYDNEY: Popular womenswear brands Studibaker and Smith and Miles have been sold to a New South Wales fashion house for an undisclosed sum. From December 1, the labels founded by designer Janelle Miles and husband David will be operated out of the Alexandria-headquartered offices of New Twist. The sale, brokered by Stenton Capital, includes the brands, all intellectual property associated with the business, winter season orders and all stock.
Currently the two brands hold around 200 accounts throughout Australia and New Zealand with the Studibaker line, consisting mainly of eveningwear retailing for between $125 and $450. Targeted at a younger market, Smith and Miles includes a significant casualwear element and boasts retail price points of between $100 and $350.
The brands will be repositioned alongside New Twist's core stable of 12 labels which include China Doll, DP Jeans, Mint, Vallen and Parisian Princess.
Speaking exclusively to Ragtrader, New Twist director Kerrie Henson confirmed Studibaker's existing design team would stay together however five other staff would be affected by the sale. Janelle Miles, who launched the brand at Bondi Markets in 1983, has agreed to stay on as creative director for a minimum of two years during which time she will train a replacement to ensure consistency in the design of the labels.
Henson said she intended running both brands through New Twist's sales offices in Australia, New Zealand and South Africa with further plans to launch them into the United Emirates and South America. Other plans include expanding the brands' core product offering into sunglasses, bags and lingerie.
Henson said it was unlikely the Studibaker sale would be the last acquisition made by her business. "I am always open to other opportunities. I believe that smaller companies will find it difficult in the future just working in the domestic market and will look to umbrella companies for future growth."
Former owner David Miles said the sale of the business had come about because of the duo's desire to take a step back from the "pressure cooker" of fashion and spend more time with their children. Miles said he had clear ideas on how he would now spend his spare time.
"I intend to read the paper from cover to cover every day, go to all of my kids sporting events and build lots of fences at the farm." Miles said while he was sad to turn his back on the business, he was confident that it had been put in good hands and happy he and his wife were now free from "all the bureaucratic obstacles" put in the way of small business.
By Tracey Porter