As per David Jones' famous advertising slogan, there used to be no other department store in Australia for sass & bide. But after days of rumours, it is now confirmed that David Jones' arch rival Myer will become the brand's exclusive Australian department store partner moving forward, having just acquired a 65percent stake for A$42.25million plus a performance bonus based on fiscal 2011 sales results. David Jones, which has winter 2011 sass & bide stock on its hands and features the brand in its winter 2011 "brand book" catalogue (above), has responded with its own Australian Stock Exchange announcement this morning that it is ending its 10 year association with sass & bide following David Jones' decision not to acquire a stake. Oh and it wasn't doing very well anyway, added DJs (at least at DJs - Myer reports that sass & bide overall delivered 50percent year on year sales growth for the past two years). Noted ceo Paul Zahra, “We did the calculations and could not justify the price paid for the business, particularly given the lack of growth in our sass & bide business with sales and gross profit in FY10 at approximately FY05 levels". This is fascinating, given that David Jones gave sass & bide its prestigious finale spot in the Autumn/Winter 2010 show one year ago. What the Myer decision ultimately means for the sass & bide brand remains to be seen. Not surprisingly perhaps, the brand has been yanked altogether from tomorrow's lineup, David Jones has confirmed to frockwriter.
