The shock departure of Premier boss Richard Murray has set off a chain reaction inside Solomon Lew’s retail empire.
One of Australia’s most promising corporate bromances is over, with Richard Murray departing as chief executive of Solomon Lew’s Premier Investments,But the shock departure could be just the start of a period of dramatic change for Lew’s empire, with the billionaire considering splitting Premier into four separate companies by demerging sleepwear chain Peter Alexander, kids’ stationary shop Smiggle and Premier’s remaining retail brands, including Just Jeans, Portman and Jaqcui-E.
Chanticleer understands that while there are no personal issues between the notoriously hands-on Lew and Murray, the fit between Murray and Premier just hasn’t quite worked out as all parties hoped.
Macquarie, for example, puts a valuation of $1.2 billion on Peter Alexander and $559 million valuation on Smiggle, and a $248 million valuation on the remaining retail business. While UBS and Lew would no doubt have a different view on value, those numbers suggest the case for a spin-off would be strongest with Peter Alexander.No deadline has been set for the deliberations on the strategic review.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Solomon Lew: The consumer is somewhat out of controlThe retail billionaire says consumers aren’t slowing down, but he’s ready to take advantage of any downturn.
Read more »
Inside the Washington court Trump hates the mostThe stony-faced former president sat twiddling his thumbs in the tiny wood-panelled courtroom, waiting for a magistrate who was 15 minutes late.
Read more »
Inside the conservative forum rallying troops against the VoiceThe annual Conservative Political Action Conference in Sydney on Saturday doubled as a rallying effort for the No campaign against the Voice referendum.
Read more »
Inside the conservative forum rallying troops against the VoiceThe annual Conservative Political Action Conference in Sydney on Saturday doubled as a rallying effort for the No campaign against the Voice referendum.
Read more »
Inside the conservative forum rallying troops against the VoiceThe annual Conservative Political Action Conference in Sydney on Saturday doubled as a rallying effort for the No campaign against the Voice referendum.
Read more »