Myer is reportedly set to lose millions in annual sales after fashion label Hugo Boss ditched the department store in favour of rival David Jones.
The German company has announced that Hugo Boss products will be sold in every David Jones store from February next year, Fairfax Media reported.
Hugo Boss Australia and New Zealand MD, Matthew Keighran, said that based on trading performance to date “we believe that our product and target demographic are best aligned to the David Jones brand portfolio and customer base”.
Fairfax says insiders have estimated that the loss will cost Myer $7 million in annual sales, but Myer CEO, Bernie Brookes, denies that the loss of the luxury brand will have a great impact.
“It was less than .01 per cent of our sales, so only a small brand in many senses, but it is a good brand so it’s sad that we’re losing it.”
In other Myer news, Myer ambassador and model, Kris Smith, has extended his contract with the department store for a further to years to the end of 2015. He has represented Myer for the past four years.
AAP
