×
445
Fashion Jobs
MAJE
Supervisor - Selfridges, London
Permanent · LONDON
HARRODS
Technogym -Wellness Consultant
Permanent · LONDON
JOSEPH LTD
Full Time Menswear Supervisor (Mayfair)
Permanent · LONDON
MICHAEL KORS
Account Executive
Permanent · LONDON
OUTSIDE THE BOX RECRUITMENT
Flagship General Manager – Luxury Fashion – Regent st – £80k-£90k + Bonus
Permanent · LONDON
FOUR SEASONS RECRUITMENT
Online Customer Service Manager
Permanent · HUNGERFORD
FOUR SEASONS RECRUITMENT
Merchandising Manager
Permanent · LONDON
BIMBA Y LOLA
Part Time Sales Assistant Kings Road
Permanent · LONDON
BIMBA Y LOLA
Sales Assistant Richmond
Permanent · LONDON
BIMBA Y LOLA
Part Time Sales Assistant Notting Hill
Permanent · LONDON
FOUR SEASONS RECRUITMENT
Showroom Sales Representative
Permanent · LONDON
TOO FACED
Business Manager - John Lewis Brent Cross
Permanent · LONDON
OUTSIDE THE BOX RECRUITMENT
Ltrtw & Mtm Client Service Manager – Luxury Ladieswear – Knightsbridge – £30k-£40k + Comm
Permanent · LONDON
OUTSIDE THE BOX RECRUITMENT
Haute Couture Client Service Manager – Luxury Ladieswear – Mayfair– £40k-£60k + Comm
Permanent · LONDON
MAJE
Sales Supervisor, Full-Time - Harrods, London
Permanent · LONDON
BIMBA Y LOLA
Part Time Sales Assistant Canary Wharf
Permanent · LONDON
HEAD OFFICE
Brand Manager
Permanent · LONDON
BETTY BARCLAY GROUP GMBH & CO KG
Retail Operations Manager
Permanent · LONDON
RETAIL PERM
Beauty Salon Manager
Permanent · LONDON
TOO FACED
Business Manager - Liverpool - New Mersey Retail pk (Speke), UK
Permanent ·
TOO FACED
Business Manager - Lisburn Sprucefield sc, UK
Permanent ·
TOO FACED
Business Manager - Stockton on Tees Teeside, UK
Permanent ·
Advertisements

MySale launches strategic review, begins sale process

Published
today Jun 24, 2019
Reading time
access_time 2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Beleaguered MySale Group bowed to the inevitable on Monday and announced a strategic review of its operations that could result in the company being sold. The Australia-based flash sales specialist, only recently sold its UK-focused Cocosa operation to rival Brandalley for just £1.5 million.


MySale could come under new ownership as management launches a formal sale process



The London-listed company said its board “has decided to commence a review of the group's options with a view to maximising value for its stakeholders.”

Those stakeholders no longer include Mike Ashley. Late last month it emerged that Sports Direct had completely divested its holding in the company. Ashley-led Sports Direct had once been its fourth largest shareholder, but with the share price falling, the UK retail giant would have made a major loss on the investment.

The strategic review “will consider all types of corporate activity, including options to raise additional capital to support the ongoing restructuring and rationalisation, reduce the group's debt, the sale of certain parts of the group or the whole, and de-listing of the company's shares to trading on AIM.” 

It added that the review, which will include “a formal sale process”, builds on cost-saving and rationalisation initiatives that have already started. The company may need "additional funding" in the short term but expects a turnaround in fiscal 2020.

The review comes as the company has continued to experience challenging trading conditions in Australia, its largest market, “primarily due to the market disruption caused by changes to GST regulation introduced in July 2018, [but] exacerbated by the group's product mix, international cost base and inventory location.”

The ongoing effects of all this have had “a negative impact on the group's financial performance with declines in revenue, gross profit and gross margin.”

The cost-saving initiatives that have already started reflect the firm’s new “ANZ first” strategy. As mentioned, it sold its UK operation and is exiting the US too, shutting down its office there. It’s streamlining its supply chain to ANZ and South East Asia with its international suppliers now bulk-shipping product to the Australian distribution centre where it’s then shipped direct to customers, “thereby delivering freight savings and operational leverage.”

And it said that its investments over the last two years in its proprietary marketplace platform “are being used to successfully create revenue opportunities and operational efficiencies.” Revenue opportunities include functionality such as the members-only Select programme that offers extra benefits to customers, while significant automation of buying and merchandising have allowed it to cut costs and boost efficiency.

The group is also planning to launch MySale Marketing Services in Q1 2020. This is intended to generate advertising and subscription revenues and leverage data insights from its tech platform and “monetise the ANZ and SEA websites by delivering additional commercial revenues.”

Copyright © 2019 FashionNetwork.com All rights reserved.