Solomon Lew has been slowly clawing his way back to the historic retailer, and, if he gets his latest deal across the line, it will pave the way for him to return to the Myer boardroom, this time as chair.
This week his investment vehicle, Premier Investments, struck a deal that will personally deliver him close to a third of department store Myer and, if it gets across the line, will pave the way for him to return to the Myer boardroom, this time as chair.
That has been mirrored in the stock price, a performance that has reflected the sad and sorry tale of Myer's most recent incarnation, dropping to a mere 10c a share shortly after the COVID pandemic gripped the globe and tipped share markets into a deep freeze. News of the deal sent the department store's share price soaring, notching up a 25 per cent gain to 81c in just two days."The company has $3.3 billion in annual turnover and a significant footprint but its margins are not good enough," the insider says.
The former head of Qantas' frequent flyer program – which became a significant earnings generator for the airline – she has been tasked with ramping up the division with offerings both for in-store and online customers.Lew's return to chair the company will complete a four decade flirtation with the retailer.
Just Jeans Olivia Wirth Solomon Lew Mergers Aquisitions
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