Myer’s owned fashion brands - Sass & Bide, Marcs and David Lawrence - are being put up for sale, with KPMG Corporate Finance called in to run the process.
Womenswear designer brand Sass & Bide will be sold separately to sister labels Marcs and David Lawrence.
In 2011, Myer had purchased a 65 per cent stake in Sass & Bide for a cash consideration of $42.25 million. Three years later, the department store bought the remaining shares of Sass & Bide with a cash payment of $33.4 million.
Marcs and David Lawrence were acquired by Myer in April 2017 after both brands, under M Webster Holdings, entered voluntary administration earlier in the same year.
According to its website, Sass & Bide operates 16 stores, and is sold through two Myer stores and six David Jones stores Australia, with a standalone store in New Zealand. It is also sold through The Iconic.
Marcs operates three standalone stores, and is sold through 47 David Jones stores and two Myer stores. Its sister brand David Lawrence holds no standalone stores, and is sold through 16 David Jones stores and 48 Myer stores.
Myer’s sell-off news comes amid the high-profile sales of other Australian-born labels, including womenswear brand Zimmermann for $1.75 billion as well as swimwear brand Seafolly for an undisclosed amount to an overseas investor.
Meanwhile, Australia’s Tigerlily is currently undergoing a sale process, with recent updates revealing 11 interested parties vying for the deeds.
Australian-born lingerie brand Honey Birdette is also expected to be sold off in the near future by its US-based owner PLBY Group.
It also comes as Myer slims down its store portfolio, including the notable closure of its Brisbane CBD store in mid-July last year.