(Reuters) – Australian specialty retailer Premier Investments said on Tuesday it is exploring a demerger and separate listing of its Smiggle and Peter Alexander brands as part of an ongoing strategic review.
The company is working towards the demerger of the stationery brand Smiggle by the end of Jan. 2025 and designer sleepwear brand Peter Alexander in the calendar year 2025, it added.
The strategic review began in August 2023 with a particular focus on the stationery, sleepwear and apparel brands.
The fashion retailer also posted a half-year net profit of A$177.2 million ($115.87 million), about 1.7% higher than last year.
Premier Retail posted global sales of A$879.50 million, of which Smiggle delivered A$183.90 million and Peter Alexander recorded A$279.30 million.
“The ongoing strategic review has identified that the potential demerger of Smiggle and Peter Alexander is likely to maximise and accelerate the growth opportunities for these two brands over time,” Chairman Solomon Lew said.
($1 = 1.5293 Australian dollars)
(Reporting by John Biju in Bengaluru; Editing by Krishna Chandra Eluri and Vijay Kishore)
