City Chic Collective
 | |
 City Chic store in Westfield Carousel | |
| Formerly |
|
|---|---|
| Company type | Public |
| ASX: CCX | |
| Industry | Clothing |
| Founded | 1992 |
| Founder |
|
| Headquarters | , |
| Revenue | $148 million (2019) |
| $25 million (2019) | |
| Website | www |
City Chic Collective (CCC), founded as Miller's Retail in 1992, and rebranded in December 2006 to Specialty Fashion Group,[1] is an Australian retail clothing company. It is headquartered in the Sydney suburb of Alexandria.
History
[edit]Miller's Retail (1992–2006)
[edit]
Miller's Retail Ltd was an Australian company that distributed women's apparel and accessories and was one of the country's largest retailers. It was founded by Gary Perlstein and Ian Miller in 1992. It was listed on the Australian Securities Exchange in May 1998.[2] It had a market capitalisation of $360 million, as of March 2006.
The company grew in part through acquisitions, including the Katies womenswear chain from Coles Myer (1999), and Crazy Clark's and Go-Lo stores in 2000.[3]
Its sales for the year ending 30 June 2005 were $1.12 billion, with a net loss after tax of $103.4 million. This substantial loss was an unusual event for Miller's Retail and reflected considerable financial restructuring, including the revaluation of its businesses in Discount Variety. At the same time, the company told the market it had excessive inventory levels and pledged to address that, as well as to review buying practices in the future to avoid similar errors.
In its Apparel Division, Miller's Retail traded under the brands Miller's Fashion Club, Katies, Crossroads and 1626, which all sell women's clothing, with a total of over 700 stores. In November 2005, it sold its Discount Variety Division, which owned Go-Lo, Crazy Clark's, Look Sharp Concepts and Chickenfeed, which had a total of 335 stores at the time of the sale.[4] Miller's Retail sold its interest in the discount variety businesses after a price war with competitors had a major impact on the profits of the division. Private equity investor Catalyst Investment Manager and CHAMP acquired the group, the new entity being called Australian Discount Retail.
Millers Retail's core business was the Miller's Fashion Club, a club or loyalty program, which had more than 2.8 million members across Australia and New Zealand.[citation needed]
The company's co-founder, Ian Miller, left the Managing Director's position in 2003, although continued for a time as Managing Director of Apparel Division and remained an executive director of the company.
Specialty Fashion Group (2006–2018)
[edit]In December 2006, Miller's Retail Ltd was renamed to Specialty Fashion Group.[5] That month, the company also acquired Chain Reaction for $4 million. At the time, it had 42 stores trading under the Chain Reaction, Big Advantage, Big City Chic and Girl Mania names. Specialty Fashion Group retained Big City Chic's 21 stores and rebranded the others to Specialty Fashion Group brands.[6]
In November 2013, Specialty Fashion Group acquired the Rivers chain for $5 million.[7]
In March 2018, Specialty Fashion Group acquired the Maggie T brand which had gone into administration at the start of the year. The brand was relaunched through Millers.[8][9]
In July 2018, the company sold five of its brands; Autograph, Crossroads, Katies, Millers and Rivers, to Noni B (later renamed to Mosaic Brands) leaving only one brand, City Chic, in its portfolio.[10][11] The remaining operations were rebranded City Chic Collective in November 2018.[12][13]
City Chic Collective (2018–present)
[edit]In April 2019, City Chic Collective acquired U.S. plus-size intimates brand Hips & Curves for US$2 million.[14] In October 2019, CCC purchased the e-commerce assets of Avenue Stores from its administrator.[15][16]
In December 2020, City Chic Collective reached an agreement to purchase the Evans brand, website and wholesale business for £23 million after its parent company Arcadia Group went into administration. The deal did not include the retailer's stores.[17]
In July 2021, CCC acquired European plus-size online retailer Navabi for A$9.6 million.[18]
City Chic Collective exited the European market in August 2023, selling its Evans business to AK Retail (owner of M&Co.) for A$15.5 million.[19][20] The Navabi brand was also shut down at the same time.[21] CCC sold its Avenue brand to FullBeauty Brands in June 2024.[22]
References
[edit]- ^ Miller's Retail name change takes place Just Style 30 November 2006
- ^ Hill, Geoffrey (1 November 2005). "Miller's Retail". The Sydney Morning Herald. Retrieved 31 January 2024.
- ^ Johnson, Liz (2 December 2000). "Remedial retailing". Australian Financial Review.
- ^ O'Sullivan, Matt (16 March 2006). "Miller's Retail better now it's junked the junk". The Sydney Morning Herald. Retrieved 3 February 2020.
- ^ Miller's Retail name change takes place Just Style 30 November 2006
- ^ "Specialty Fashion buys Chain Reaction". The Sydney Morning Herald. 29 December 2006. Retrieved 31 January 2024.
- ^ Johnson, Stephen (28 November 2013). "Rivers Australia sold to Katies and Millers owner Specialty Fashion Group for just $5m". Herald Sun. Retrieved 9 April 2024.
- ^ McDonnell, Josh (6 March 2018). "Maggie T salvaged from collapse". Ragtrader. Retrieved 5 March 2024.
- ^ Danckert, Sarah (5 January 2018). "Retail downturn claims scalp of fashion label Maggie T". The Sydney Morning Herald. Retrieved 5 March 2024.
- ^ "Noni B bags Rivers, Millers and Katies in Specialty buy". The West Australian. 14 May 2018. Retrieved 14 May 2018.
- ^ Specialty Fashion Group completes divestment of five brands Specialty Fashion Group 2 July 2018
- ^ Official Name Change to City Chic Collective Limited City Chic Collective 23 November 2018
- ^ "Change of Company Name to City Chic Collective" (PDF). ASX. Retrieved 20 December 2018.
- ^ Blake, Dean (7 October 2019). "City Chic broadens US reach with e-commerce acquisition". Inside Retail Australia. Retrieved 31 January 2024.
- ^ Acquisition of Avenue’s e-commerce business approved City Chic Collective 8 October 2019
- ^ City Chic broadens US reach with e-commerce acquisition Inside Retailing 8 October 2019
- ^ Ford Rojas, John-Paul (21 December 2020). "Arcadia brand Evans sold to Australia's City Chic for £23m". Sky News. Retrieved 31 January 2024.
- ^ Bailey, Imogen (27 July 2021). "City Chic expands into €40 billion European curve market with new buy". Ragtrader. Retrieved 31 January 2024.
- ^ Beevers, Angela (7 August 2023). "Evans acquired by M&Co owner AK Retail". The Retail Bulletin. Retrieved 31 January 2024.
- ^ Thompson, Sarah; Sood, Kanika; Rapaport, Emma (18 June 2024). "City Chic seeks to raise $25 million, divests Avenue to New York buyer". Australian Financial Review. Retrieved 22 June 2024.
- ^ Greenblat, Eli (3 August 2023). "City Chic has decided to sell its British brands and shut down its German fashion business". The Australian. Retrieved 31 January 2024.
- ^ Singh, Prachi (19 June 2024). "FullBeauty acquires US-based plus-size retailer Avenue". FashionUnited. Retrieved 22 June 2024.
