On Monday, Australian private equity firm Anchorage Capital Partners announced the acquisition of the iconic Australian brand, David Jones, from South African-based Woolworths Holdings Limited. This comes just years after the company was sold for billions to another company.
David Jones, founded in 1838 in Sydney, Australia, is one of the oldest department stores in the world. It has a proud history of offering quality fashion, beauty, homewares and accessories. Over the years, the store has become a popular destination for shoppers, with a loyal customer base.
The sale to Anchorage Capital Partners comes after Woolworths Holdings Limited purchased the brand in 2014. At the time, the sale price was estimated to be around 1.8 billion dollars. After the acquisition, Woolworths Holdings Limited made a number of changes to the brand, including the closure of some stores and the introduction of new products.
The sale to Anchorage Capital Partners is expected to help the brand continue to grow and expand in the retail market. Anchorage Capital Partners is known for its expertise in private equity investments and its focus on businesses with potential for long-term growth. This is expected to benefit David Jones, as the firm has the resources
The figure has yet to be confirmed by either company, however, The Australian has reported that the business was sold for $100 million, a drastic decrease from the $2.1 billion that Woolworths originally purchased it for in 2014.
In 2018 and 2019, Woolworths wrote off more than $1 billion from the company’s value; however, the new owners were still optimistic about their acquisition of the 185-year-old brand. The exact figure is expected to be specified in the following year, and Woolworths will be selling its physical property at the Bourke Street store in Melbourne, which is not included in the transaction.
Scott Fyfe, the chief executive of David Jones, will remain in his position, concentrating on customer loyalty and online shopping.
“We will continue to collaborate closely with the brand partners to maintain the excellent accomplishments that my team has achieved in both the physical and digital realms with respect to premium and luxury,” Mr. Fyfe told the Nine papers.
