Anchorage Capital Partners has formally settled on its acquisition of department store business David Jones and promised to pursue ongoing growth and innovation with the chain. 

Anchorage has confirmed that David Jones CEO Scott Fyfe and his management team will continue in their roles and with the new owner’s backing seek to accelerate the transformation program which is already bearing dividends. 

“David Jones represents a special situation investment in a highly profitable and growing business with significant upside potential,” Anchorage said in a statement today. “The company delivered its strongest half year result since 2014, with $106 million EBITDA for the half year ending December 2022.”

Fyfe said the leadership team is energised by the next phase of growth.

“We enter David Jones’ 185th year off the back of record results and exceptional holiday trading, we remain the premier destination for premium and luxury products and experiences, in-store and online,” he said. 

“With the support and financial commitment of Anchorage, we’ve secured the right investment to lead Australia’s retail industry into the future.”

“This new partnership has added renewed vigor to the world’s oldest continuously operating department store, and we’re excited to seize the momentum and take our rightful place as Australia’s most iconic shopping destination.”

An unnamed Anchorage spokesman added: 

“We see a clear pathway of opportunities for David Jones as an established leader creating world-class in-store experiences through meaningful upgrades and seamless omnichannel experiences.

“We look forward to working closely with CEO Scott Fyfe and his highly experienced management team to support the execution of David Jones’ Vision 2025+ strategy, which is already well underway.”