PGFG sits Pretty in Packer empire
The Pretty Girl fashion Group comprises more than 400 retail stores, with brands Rockmans, BeMe and Table Eight, Wombat and PG Corporate. Being a private company it has been left to industry analysts to estimate the group's annual turnover at approximately $250 million.
Until Friday August 18 the group was run by Geoffrey Moss but was handed over on that day to Morris Wagenheim who has been installed as the company's new CEO. Moss left immediately.
Wagenheim, originally from South Africa, was managing director of Esprit in Australia but split from the company some time before taking the Pretty Girl position.
Wagenheim's office would not comment on any aspect of the sale or future plans, stating it was too early to make any announcements.
Moss was also tight-lipped on the sale, stating only that it included the Princes Highway, Tempe, headquarters which he had owned. As to his own future, he said he intended to travel with his family for three months and then see what options were on offer. Moss said he "doubted" he would continue in the garment industry.
Pretty Girl had been struggling for some time prior to the deal, with many industry commentators claiming it had lost direction and was in need of a strong business backer.
Commenting on the sale, Citigroup Investment Research senior analyst Craig Woolford said Pretty Girl's hand over to CPH - a company armed with the considerable business expertise and acumen required to support future growth - would undoubtedly restore some focus to the business.
"Certainly if CPH brings in the right retail expertise it will stand Pretty Girl in good stead. Better product sourcing and better supply chain management will ensure they have the right product at the right time and better stock turn. Ultimately it's about getting customers through the door."
The Pretty Girl Fashion Group was started by Leslie Moss, Geoffrey's grandfather. Both his father George and mother Sandra worked in the business which originally wholesaled locally produced dresses, knitwear and separates under a variety of labels. As importing became increasingly attractive, Pretty Girl was among the first fashion companies to forge supplier relationships in China. Sandra Moss spearheaded the China development, taking Geoffrey with her on numerous trips where he learned the fundamentals of what was then an extremely high risk business. But it was Chinese importing expertise that earned the Mosses venture capital to expand what became a vertical business and it also earned them the reputation which attracted the partnership of Consolidated Press Holdings.