Global Retail Brands has acquired the assets of MyHouse, including the brand, intellectual property, online store and stock.
MyHouse was placed into voluntary administration on March 19, 2020.
Global Retail Brands executive chairman Steven Lew, son of industry powerbroker Solomon Lew, said the sale would see the company grow its homeware assets.
Steven Lew is also chairman of Playcorp, which has multiple apparel interests.
His Global Retail Brands business currently owns and operates brands including HOUSE, HOUSE-UK, Robins Kitchen, Baccarat, Your Home Depot, PetHouse, and THE CUSTOM CHEF across online platforms and a network of 180 stores.
“We’re looking forward to re-opening MyHouse stores today and helping many team members get back to what they do best – providing great service to MyHouse customers,” Lew said.
“MyHouse is a trusted brand, established in 1956 and known for offering great value bed linen, bedding, bath towels and home decor. The brand has a very strong online offering and with continued investment the online channel will represent 50% of MyHouse sales.
“We believe MyHouse has a logical place in the Global Retail Brands portfolio alongside our other homewares brands. We look forward to bringing the business back to life by investing in the brand, the team, the online experience and the store network.
“At this stage, MyHouse is only trading in NSW. We see potential to add an additional 25 stores nationally this calendar year, providing further employment opportunities, should the right store locations and rental opportunities present themselves. We will also be looking to review and expand the MyHouse product and
category ranges.
“We’re very excited to be expanding the Global Retail Brands team with the MyHouse acquisition and we look forward to connecting with loyal MyHouse customers in the coming weeks.”
Global Retail Brands will immediately take control of the MyHouse online store and 23 currently-trading MyHouse physical stores. The company also expects to reopen a further 11 MyHouse stores during June 2020. As a result, Global Retail Brands expects to be able to offer full time, part-time and casual employment to some 250 people.