page_title: Myer
section_title: Private Ownership
hierarchical_section_title: Myer / History / Private Ownership
caption_attribution_description: English: Photo of the Myer History Making Clearance Flyer distributed to customers.
context_page_description: Myer is a mid-market Australian department store chain. It trades in all Australian states and one of Australia's two self-governing territories. Myer retails a broad range of products across women's, men's, and children's clothing, footwear and accessories; cosmetics and fragrance; homewares; electrical; connected home; furniture; toys; books and stationery; food and confectionery; and travel goods.
  Myer's primary department store rival is David Jones. Myer has long been Australia's largest department store by revenue and store count.
  Myer's current brand ambassadors are Elyse Knowles, who was signed in 2018, and Kris Smith. In 2019, Myer engaged Australian actress Asher Keddie as the brand's 'Style Ambassador', and Western Australian Indigenous model Sarsha Chisholm as the brand's 'Youth Ambassador'. The department store also engages a number of other personalities, including Rachael Finch, as 'fashion ambassadors'.
  Australian model, and Miss Universe 2004, Jennifer Hawkins was the long-serving 'face of Myer' for 12 years, until her departure from the role in 2018.
context_section_description: After being divested from Coles Myer (later Coles Group, then purchased by Wesfarmers), new owners Newbridge Capital and the Myer family appointed chairman Bill Wavish and chief executive Bernie Brookes, both formerly of Woolworths. Rupert Myer joined the board representing the Myer family. Head office for Myer, moved from Coles Myer head office in Hawthorn East back to Lonsdale House (Lonsdale St store) in Melbourne's CBD.
  Beginning July 2006, Myer held a "History Making Clearance" to clear out excess stock deemed either unprofitable or unpopular, and reduced inventories from $1.5 billion to $750 million, and all store-specific warehouses were closed.
  Former Miss Universe Jennifer Hawkins began appearing in campaigns for Myer in 2006 and in January 2007 signed a $4 million deal to be the "face" of Myer for four years.
  Myer withdrew from the Coles Group part-owned flybuys rewards program on 1 February 2007.
  In March 2007, Myer announced first half earnings before interest and tax (EBIT) of $123 million, an increase of 84% on the previous year. This represents a profit margin of 6.8%, compared with 3.9% in the previous corresponding period. According to chairman Bill Wavish, all Myer stores were now profitable, and all stores were more profitable than in the previous year. Myer acquired four Harris Scarfe stores (including regaining a store it divested to Harris Scarfe in 1998) and took a minority shareholding in Harris Scarfe.
  The Mymerch system, developed with IBM and Oracle, cost $99 million and was implemented early April 2007. Among other functions, Mymerch increased Myer's ability to carry out statistical analysis of customer habits giving it greater capacity to forecast sales trends and target promotions.
  Myer's profit turnaround was tempered in April 2007 by the loss of key staff. Bob Boutin, apparel director, Mark Bingemann, women's wear business manager and Jasmine Bingemann, footwear and accessories manager all resigned within a short period. This followed reports of management dissatisfaction over the direction of the fashion business signified by the defection of designers such as Alex Perry and Tigerlily to David Jones.
  In June 2007, a consortium comprising the Myer family, Colonial First State and GIC Real Estate (Singapore) announced it would be purchasing Myer's Melbourne CBD store. The Bourke Street part of the store was planned to be redeveloped by 2009, with Myer taking a 60-year lease, but the development was not completed until March 2011.  The Lonsdale Street part of the store closed in 2009.
  In September 2009, following rumours from the previous month, Myer indicated it would float the business at an indicative share price range of $3.90 to $4.90 when it listed on 2 November, giving it a market capitalisation between $2.3 billion and $2.8 billion.  The final issue price was $4.10, but by August 2011 the shares had fallen to $2.09.
  In 2010, Myer's re-developed Bourke St mall store opened, becoming the company's new 'flagship' store. Head office moved to a new site in Docklands. The historic Lonsdale St store was officially closed.
  In September 2015, as part of an outcome from the 2015 strategic review, a $221mn capital raising was announced. The resulting dilution of shareholder value in conjunction with little support for the actions in the strategic plan saw the share price decline to $0.91.
caption: Flyer for the History Making Clearance distributed to customers
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