Just Group

Last updated

Just Group
Company type Subsidiary
Industry Retail
Founded1970
FounderKimberley family
Headquarters Melbourne, Australia
Key people
Richard Murray (CEO)
ProductsClothing, accessories
Number of employees
4,000
Parent Premier Investments
Website justgroup.com.au OOjs UI icon edit-ltr-progressive.svg

The Just Group owns and operates a total of seven retail brands: the clothing chains Just Jeans, Jay Jays, Jacqui E, Portmans, Dotti, Peter Alexander Sleepwear, and the stationery chain Smiggle. The group has over 1,000 stores throughout Australia, New Zealand, Singapore and the United Kingdom. The group is part of the ASX-listed investment company Premier Investments.

Contents

History

1970–1990: Founding and growth

Just Jeans was founded by the Kimberley family—Craig Kimberley, his wife Connie, brother Roger and sister-in-law Chrissie. [1] Craig was working for textile and fashion manufacturer Aywon at the time and had discovered specialty jeans stores during a business trip to Los Angeles and San Francisco earlier that year. He pitched opening similar stores—first to Aywon, then Coles Myer—but was rejected by both. The partners raised $4500 and opened their first store on Chapel Street, Prahran in December 1970. [2] The idea of selling jeans stacked on shelves was new to the market, but proved to be popular. [3]

In April 1971, Just Jeans opened its second store in Centre Road, Bentleigh, followed by its third in Moonee Ponds several weeks later. [4] In 1976, Just Jeans bought failed Melbourne menswear chain Walsh's, giving the company its first presence in suburban shopping centres. In the following years, the company expanded to other states by acquiring clothing chains and relaunching them as Just Jeans. In 1979, it purchased the 12-store Jeans Junction chain in New South Wales for $1 million. In the early 1980s, it acquired the Queensland chain Denim in Jeans and the South Australian chain Zip Up. In 1988, it purchased the failed women's fashion chain Central Park, which had 15 stores in Western Australia, for $2 million. [2]

In the 1982, Just Jeans bought the MSD chain of sporting goods stores for $500,000. The venture proved to be a failure and Just Jeans sold MSD two years later for $1. [1] [2]

Roger Kimberley built his own fashion chain called Cheap Jeans. Just Jeans bought his 50-store business in 1985 and relaunched it as Jeans Extra. Craig and Connie also acquired Roger's stake in Just Jeans. The following year, Jeans Extra was relaunched again as Extra Clothing then in late 1987 the business was sold to Sportscraft for an estimated $30 million. [2] Three months before the sale of Extra Clothing, the Kimberleys sold 30% of Just Jeans to the Mallcap Corporation for $8 million. The funds were used to cover a $5.5 million tax bill and give the company a better financial footing. In April 1988, Mallcap sold its stake to Byron Holdings. [2]

1990–2000: Expansion to New Zealand and acquisitions

In June 1990, Just Jeans launched its first store in New Zealand. [2] By January 1991, Just Jeans had 238 stores across Australia and New Zealand. [2] In April 1993, Just Jeans went public and the Kimberleys reduced their stake from 70 per cent to 58 per cent. [1]

In December 1993, Just Jeans purchased Jay Jays for $4.5 million. In September 1994, Just Jeans acquired the 50-store womenswear chain Jacqueline Eve for $4.6 million. The chain was repositioned to focus on working women aged 30–45 and, in February 1996, was relaunched as Jacqui E. [1] Later in 1996, Just Jeans attempted to purchase the eight-store Melbourne surfwear chain Jetty Surf Shop. However, when three of Jetty's biggest suppliers said they would not supply products to stores owned by Just Jeans, the deal collapsed. [1] In 2000, Just Jeans acquired Peter Alexander Sleepwear. Founder Peter Alexander stayed with the company as creative director. [5] [6]

2001–2024: Changing ownership and new brands

In 2001, Just Jeans was taken private in a $108 million management buyout led by British-based private investment group Catalyst Investment Managers. [7] In May 2002, Just Jeans acquired women's clothing chain Portmans. [7]

The Just Group was listed on the ASX in May 2004. [8] In August 2004, the Just Group acquired the Dotti chain for $5 million. [9] In July 2007, the Just Group acquired stationery chain Smiggle for at least $29 million, becoming the first non-fashion brand in its portfolio. [10]

On 8 August 2008, Premier Investments obtained a controlling interest in the shares of Just Group following an off-market takeover offer for all of the group shares that commenced on 31 March 2008. Just Group was delisted from the Australian Securities Exchange on 22 September 2008. [11] [8]

In 2011, the group was criticised for using sandblasting to wash off their jeans, a method known to cause silicosis. [12] In 2013, the group was still using sandblasting. [13] The Baptist World Aid's 2015 Fashion Report named the Just Group one of the worst performers when it comes to protecting international workers. [14] From 2012 to 2015, the group went through its digital retail transformation. [15] [16]

In October 2016, the Just Group lost its trial against its former CFO Nicole Peck who had left the company to work for a competing company. [17] In August 2017, the brand director of the group, Colette Garnsey, stepped down for medical reasons. [18]

Richard Murray commenced as Premier Retail Chief Executive Officer on 6 September 2021, and was appointed to the Premier Board as executive director on 3 December 2021.

2024–present: Proposed sale of Apparel Brands to Myer

In March 2024, Premier Investments announced plans to spin off Smiggle into an independent company by the end of January 2025 and explore a spin-off of Peter Alexander for sometime in 2025. [19] However, in September 2024, Premier decided to postpone the Smiggle demerger to focus on a possible sale of its Apparel Brands division (Just Jeans, Jay Jays, Jacqui E, Portmans and Dotti) to Myer. [20] Earlier in September, Premier Investments also sacked Smiggle chief executive John Cheston for "serious misconduct and a serious breach of his employment terms". [21]

In late October 2024, Premier and Myer announced they had reached a deal for Myer to buy the Apparel Brands division. As part of the transaction, Myer will issue new shares (worth $863.78 million) to Premier Investments while Premier will contribute $82 million to the business. The deal requires approval from the shareholders of both companies. [22] [23]

Premier plans to launch Peter Alexander in the UK, with three stores and a UK online store set to open by November 2024. [20]

Brands

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References

  1. 1 2 3 4 5 Shoebridge, Neil (28 October 1996). "Just Jeans wants a better fit". Australian Financial Review. Retrieved 5 February 2024.
  2. 1 2 3 4 5 6 7 Shoebridge, Neil (11 January 1991). "Just Jeans Succeeds By Selling Denim and Dreams". Australian Financial Review. Retrieved 6 February 2024.
  3. ↑ Ham, Larissa (1 October 2012). "Just keep changing: life lessons from a jean genie". Sydney Morning Herald . Retrieved 2 December 2016.
  4. ↑ "Craig Kimberley". Saxton Speakers. Retrieved 6 February 2024.
  5. ↑ Millimaci, Grace (10 December 2015). "Pyjama king visits Perth". The West Australian. Retrieved 5 February 2024.
  6. ↑ Waters, Cara (7 March 2016). "Peter Alexander on how to sell your business with no regrets". The Sydney Morning Herald. Retrieved 5 February 2024.
  7. 1 2 "Just Jeans 'set for float'". The Sydney Morning Herald. 24 March 2004. Retrieved 5 February 2024.
  8. 1 2 Sharp, Ari (2 September 2008). "Just trades for the last time". The Sydney Morning Herald. Retrieved 5 February 2024.
  9. ↑ Evans, Simon (13 August 2004). "Just goes Dotti". Australian Financial Review. Retrieved 5 February 2024.
  10. ↑ "Retailer Just Group to buy Smiggle". The Sydney Morning Herald. 19 July 2007. Retrieved 24 January 2024.
  11. ↑ Just Group Limited: Removal from Official List Australian Securities Exchange 22 September 2008
  12. ↑ Hobday, Liz (8 September 2011). "Worker deaths linked to sandblasted jeans". The World Today . Retrieved 6 February 2024.
  13. ↑ "Call for ban on jeans sandblasting". SBS World News . Retrieved 6 June 2019.
  14. ↑ "Fashion gets a fail on workers' rights". News.com.au . 16 April 2015. Retrieved 6 June 2019.
  15. ↑ "Just Group CIO pushes IT to perform at retail pace". iTnews. Retrieved 6 June 2019.
  16. ↑ Williams, Azadeh (27 October 2015). "Behind the scenes of Just Group's digital transformation journey". www.cmo.com.au. Retrieved 6 June 2019.
  17. ↑ Danckert, Sarah (17 October 2016). "Solomon Lew's Just Group loses case against former chief financial officer Nicole Peck". Sydney Morning Herald. Retrieved 6 June 2019.
  18. ↑ "Just Group director steps down". Inside Retail . 10 August 2017. Retrieved 6 June 2019.
  19. ↑ Yun, Jessica (26 March 2024). "Smiggle, Peter Alexander slated to become standalone companies in 2025". The Sydney Morning Herald. Retrieved 25 September 2024.
  20. 1 2 Greenblat, Eli (25 September 2024). "Smiggle demerger shelved as Premier Investments sales, earnings weaken" . The Australian. Retrieved 25 September 2024.
  21. ↑ LaFrenz, Carrie (9 September 2024). "Solomon Lew axes Smiggle boss John Cheston". Australian Financial Review. Retrieved 25 September 2024.
  22. ↑ Ilanbey, Sumeyya (29 October 2024). "Myer buys billionaire Solomon Lew's clothing brands in $950m deal". The Sydney Morning Herald. Retrieved 29 October 2024.
  23. ↑ Glover, April (29 October 2024). "Myer buys Jay Jays, Just Jeans and Dotti in $950m mega deal". 9news. Retrieved 29 October 2024.

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