Topshop creates 'halo effect' in Myer stores

Arvind Hickman
By Arvind Hickman | 17 March 2016
UK fashion brand Topshop has been a popular addition to Myer stores.

Myer's in-store launch of Topshop and Topman has created a "halo effect" to other brands, helping the retailer increase sales by 1.8% to $1.79 billion in the first half of fiscal 2016.

Comparable sales in Myer's 12 flagship stores in Victoria and NSW grew by 7.1%, but net profit after tax declined 4% to $59.7 million.

Myer's online business delivered year-on-year revenue growth of 70%, which the retailer says is due to improving the omni-channel experience, including in-store iPad service, click and collect and upgrades to the Myer website.

Myer is undergoing a strategy to bulk up its offering by introducing more than 500 separate new 'wanted brands' destinations.

This includes popular UK clothing brands Topshop and Topman, as well as French Connection, Nine West and Mimco, to name a few.

"Topshop Topman has been successfully launched in six stores, with more stores scheduled in coming months," Myer CEO Richard Umbers says. 

"The brand opened in Bondi in November 2015 and has generated a positive 'halo' effect on trading elsewhere in the store, in particular across adjacent youth businesses."

 

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