Three major fashion brands will stop selling their products at Myer, in another blow for the struggling department store giant.
Country Road, Politix and Mimco, all operating under the Country Road Group, will now be exclusively sold at David Jones stores.
The fashion brands are set to disappear from Myer’s shelves within a month.
Myer cops another blow as three major fashion brands are going to cease distribution from the department store
David Jones chief executive David Thomas (pictured) said that the company was proud to offer the brands exclusively to their customers
Woolworths Holdings, the owner of David Jones and the Country Road Group, made the announcement on Thursday.
The decision comes after David Jones’ profits were halved to $63 million over the last financial year, the Herald Sun reported.
David Jones chief executive David Thomas said the company was proud to offer the brands exclusively to their customers.
‘(This) will be a major step in differentiating our unique brand portfolio and providing our customers with an unrivalled department store experience,’ he said.
David Jones also announced new partnerships with international luxury brands including Burberry Beauty and Christian Louboutin Beauty.
‘We look forward to announcing more exclusive brand partnerships in the weeks to come as we build on this offer,’ Mr Thomas said.
The company has also moved its head office from Sydney to Melbourne.
Woolworths Holdings, the company that owns David Jones and the Country Road Group made the announcement on Thursday (pictured is a Mimco store)
Earlier this year, Myer reported a record-breaking $476.2 million loss over just six months.
Following this loss, they tried to lure back their ‘traditional’ customers rather than high-spending, fashion-forward shoppers.
Myer was also reported to cut their retail staff drastically, which saw up to 29,000 shop assistants losing their jobs across the country.