The PE firm has big plans for the 185-year-old department store with a vision to create a near $1b online business – but it won’t be easy.
Back to the startMr Cave and Mr Dixon wrote to the chairman of Johannesburg-listed Woolworths Holdings Ltd in February 2022. That led to a series of engagements via adviser Goldman Sachs, and “Project Moonraker” was in train.Mr Dixon knew Anchorage could deliver solutions to WHL headaches: repatriate cash, further right-size the store portfolio, and untangle its systems and shared services from the Country Road Group operations whose brands remain with WHL.
“David Jones now has a clearly defined growth plan with initiatives already being implemented and bearing fruit,” he said. As WHL’s final days of ownership ticked down, about 60-odd David Jones managers gathered for team building in Melbourne where Anchorage’s founder Mr Cave made an appearance. David Jones is highly cash generative and has virtually no debt. Brand partners help with concession store fit-outs and David Jones has access to $150 million of working capital from Hilco Global.
But he said: “We’ve got a higher quartile of affluent customers. We need to make sure we continue to offer the right products, the right value for money, and our real focus is on constantly injecting newness.”
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