Department store David Jones has two reasons to celebrate today.
The Australian Securities and Investments Commission (ASIC) has dropped an investigated into two David Jones directors.
The news came as the department store unveiled its autumn/winter collections to media and VIP guests overnight.
The preview featured over 200 looks from over 35 designers.
Just hours later, reports surfaced that a share purchase investigation involving the department store was over.
The investigation followed a large transaction on October 29.
Non-executive directors Steven Vamos and Leigh Clapham bought a total of 32,500 shares in David Jones.
Three days later, David Jones' quarter sales increase announcement saw a surge in its shares of some seven per cent.
While watchdogs commenced their investigation in November, the case has now ended after a lack of sufficient evidence that Vamos and Clapham acted illegally.