SYDNEY: Corporate Apparel Group (CAG) has vowed to resurrect its CEO brand from the ashes, after confirmation it had shut down its network of Australian retail stores.
The privately-owned menswear group had earlier closed the upmarket brand in a bid to focus on its Tony Barlow and Ron Bennett retail chains. It is understood the last of its stores in Queensland - which included the 'CEO Upmarket' flagship store in Brisbane's Edward Street and a site in James Street - were forced to shut amid soaring rental costs and declining sales.
The deluxe Edward Street store opened in March 2004 and was comprised of 160 square metres of retail space. Within six months of its launch, operators had expanding its suiting range to include luxurious fits, detailing, lining, pocketing, stitching and soft shouldering. All products were produced from European fabrics and tailored in Australia.
CAG chief executive officer David Mellick said the prestigious brand would be revived through a "new form of distribution" in six to eight month's time. He said he was not concerned about diminishing brand presence in the meantime and would look at promoting CEO prior to its relaunch.
"We're looking at growing new stores and opportunities for our [existing] menswear brands," he said. "Depending on the market, we will look at new avenues for CEO in coming months."
While the dedicated CEO website had been pulled down following the store closures, the label still appeared on the CAG homepage where it was described as integral part of its position as "the market leader in the retail of men's apparel in Australia".
Mellick declined to comment on any scheduled store openings for the Tony Barlow and Ron Bennett chains, with the latter currently standing at 22 stores nationwide.
Competitor Retail Apparel Group, which operated over 180 menswear stores under the YD, Tarocash and Connor brands, said it did not believe the closure of CEO would shake up the domestic menswear market. Chief executive officer Gary Novis described the brand as a "very small player" in the field and believed the sector would continue to trade on despite difficult times.