City Chic Collective
{{Short description|Australian fashion company}}
{{for|Millers' (and Autograph, Crossroads, Katies and Rivers') history after 2018|Mosaic Brands}}
{{Use dmy dates|date=March 2024}}
{{Infobox company
| name = City Chic Collective
| logo = City Chic Collective logo.svg
| image = City Chic, Westfield Carousel.jpg
| image_caption = City Chic store in Westfield Carousel
| former_name = {{Unbulleted list|Miller's Retail|Specialty Fashion Group}}
| type = Public
| traded_as = {{ASX|CCX}}
| industry = Clothing
| fate =
| successor =
| founded = {{Start date and age|1992}}
| founder = {{Unbulleted list|Gary Perlstein|Ian Miller}}
| defunct =
| hq_location_city = Alexandria, New South Wales
| hq_location_country = Australia
| num_locations = 90 stores
| num_locations_year = 2024
| area_served =
| key_people =
| products =
| owner =
| revenue = $148 million (2019)
| operating_income =
| net_income = $25 million (2019)
| num_employees =
| num_employees_year =
| parent =
| website = {{URL|https://www.citychiccollective.com.au/}}
}}
City Chic Collective (CCC), founded as Miller's Retail in 1992, and rebranded in December 2006 to Specialty Fashion Group,[https://www.just-style.com/news/millers-retail-name-change-takes-place_id95763.aspx Miller's Retail name change takes place] Just Style 30 November 2006 is an Australian retail clothing company. It is headquartered in the Sydney suburb of Alexandria. {{As of|2024|1}}, the company operates 90 stores in Australia and New Zealand, and a global online store. City Chic stores specialise in plus-sized women's clothing.{{Cite web |last=Thompson |first=Sarah |last2=Sood |first2=Kanika |last3=Rapaport |first3=Emma |date=2024-01-29 |title=Offshore buyers try on bombed-out womenswear retailer City Chic |url=https://www.afr.com/street-talk/offshore-buyers-try-on-bombed-out-womenswear-retailer-city-chic-20240129-p5f0ul |url-access=subscription |access-date=2024-12-05 |website=Australian Financial Review |language=en}}
It was previously home to several holdings after an expansion in the 1990s. But in 2005 it sold its troubled discount division after making massive losses in the company and a price war in the division — the division then lasted until 2014. Then in July 2018, Millers and almost its entire portfolio was sold to Mosaic Brands (Noni B Limited) to raise much needed cash and streamline the company, leaving just City Chic in the original group — but in 2024 Mosaic went into receivership and failed to find a buyer, closing all 5 chains. Meanwhile, in 2024, the City Chic Collective left its stint in the EMEA market to raise $25 million.
History
= Miller's Retail (1992–2006) =
Image:Miller's Retail logo.png
Miller's Retail Ltd was an Australian company that distributed women's apparel and accessories and was one of the country's largest retailers. It was founded by Gary Perlstein and Ian Miller in 1992. It was listed on the Australian Securities Exchange in May 1998.{{cite news |last1=Hill |first1=Geoffrey |date=1 November 2005 |title=Miller's Retail |url=https://www.smh.com.au/business/millers-retail-20051101-gdmcul.html |access-date=31 January 2024 |work=The Sydney Morning Herald |language=en}} It had a market capitalisation of $360 million, as of March 2006.
The company grew in part through acquisitions, including the Katies womenswear chain from Coles Myer (1999), and Crazy Clark's and Go-Lo stores in 2000.{{cite news |last1=Johnson |first1=Liz |title=Remedial retailing |url=https://www.afr.com/politics/remedial-retailing-20001202-jl1zj |work=Australian Financial Review |date=2 December 2000 |language=en}}
Its sales for the year ending 30 June 2005 were $1.12 billion, with a net loss after tax of $103.4 million. This substantial loss was an unusual event for Miller's Retail and reflected considerable financial restructuring, including the revaluation of its businesses in Discount Variety. At the same time, the company told the market it had excessive inventory levels and pledged to address that, as well as to review buying practices in the future to avoid similar errors.
In its Apparel Division, Miller's Retail traded under the brands Miller's Fashion Club, Katies, Crossroads and 1626, which all sell women's clothing, with a total of over 700 stores. In November 2005, it sold its Discount Variety Division, which owned Go-Lo, Crazy Clark's, Look Sharp Concepts and Chickenfeed, which had a total of 335 stores at the time of the sale.{{cite news |url=http://www.smh.com.au/news/business/millers-retail-better-now-its-junked-the-junk/2006/03/15/1142098528798.html |newspaper=The Sydney Morning Herald |title=Miller's Retail better now it's junked the junk |first=Matt |last=O'Sullivan |date=16 March 2006 |accessdate=3 February 2020}} Miller's Retail sold its interest in the discount variety businesses after a price war with competitors had a major impact on the profits of the division. Private equity investor Catalyst Investment Manager and CHAMP acquired the group, the new entity being called Australian Discount Retail. The company would later go into wall-to-wall administration, liquidation
in 2013 then finally receivership in 2014.
Millers Retail's core business was the Miller's Fashion Club, a club or loyalty program, which had more than 2.8 million members across Australia and New Zealand.{{Citation needed|date=February 2008}}
The company's co-founder, Ian Miller, left the Managing Director's position in 2003, although continued for a time as Managing Director of Apparel Division and remained an executive director of the company.
= Specialty Fashion Group (2006–2018) =
In December 2006, Miller's Retail Ltd was renamed to Specialty Fashion Group.[https://www.just-style.com/news/millers-retail-name-change-takes-place_id95763.aspx Miller's Retail name change takes place] Just Style 30 November 2006 That month, the company also acquired Chain Reaction for $4 million. At the time, it had 42 stores trading under the Chain Reaction, Big Advantage, Big City Chic and Girl Mania names. Specialty Fashion Group retained Big City Chic's 21 stores and rebranded the others to Specialty Fashion Group brands.{{Cite web |date=29 December 2006 |title=Specialty Fashion buys Chain Reaction |url=https://www.smh.com.au/business/specialty-fashion-buys-chain-reaction-20061229-gdp53v.html |access-date=31 January 2024 |website=The Sydney Morning Herald |language=en}}
In November 2013, Specialty Fashion Group acquired the Rivers chain for $5 million.{{Cite news |last=Johnson |first=Stephen |date=28 November 2013 |title=Rivers Australia sold to Katies and Millers owner Specialty Fashion Group for just $5m |url=https://www.heraldsun.com.au/business/rivers-australia-sold-to-katies-and-millers-owner-specialty-fashion-group-for-just-5m/news-story/d4f9bbdd05ec1785e8b6d1da69ab90df |access-date=9 April 2024 |work=Herald Sun}}
In March 2018, Specialty Fashion Group acquired the Maggie T brand which had gone into administration at the start of the year. The brand was relaunched through Millers.{{Cite web |last=McDonnell |first=Josh |date=6 March 2018 |title=Maggie T salvaged from collapse |url=https://www.ragtrader.com.au/news/maggie-t-salvaged-from-collapse |access-date=5 March 2024 |website=Ragtrader |language=en}}{{Cite web |last=Danckert |first=Sarah |date=5 January 2018 |title=Retail downturn claims scalp of fashion label Maggie T |url=https://www.smh.com.au/business/companies/retail-downturn-claims-scalp-of-fashion-label-maggie-t-20180105-h0duv8.html |access-date=5 March 2024 |website=The Sydney Morning Herald |language=en}}
In July 2018, citing massive losses and potential in the City Chic division, the company sold five of its brands; Autograph, Crossroads, Katies, Millers and Rivers, to Noni B (later renamed to Mosaic Brands) leaving only one brand, City Chic, in its portfolio.{{Cite news|url=https://thewest.com.au/business/retail/noni-b-bags-rivers-millers-and-katies-in-31m-specialty-fashion-buy-ng-b88835484z|title=Noni B bags Rivers, Millers and Katies in Specialty buy|date=14 May 2018|work=The West Australian|access-date=14 May 2018|language=en-GB}}[https://static1.squarespace.com/static/5c08ac985b409b84d9c4451a/t/5c0dacc3c2241bcfcda9ca09/1544400070244/SFH+Completes+Divestment+of+5+Brands+%281%29.pdf Specialty Fashion Group completes divestment of five brands] Specialty Fashion Group 2 July 2018 The remaining operations were rebranded City Chic Collective in November 2018.[https://static1.squarespace.com/static/5c08ac985b409b84d9c4451a/t/5c0da765aa4a99cfacbc2d74/1544398697236/23112018+%E2%80%93+Change+of+Company+Name+%281%29.pdf Official Name Change to City Chic Collective Limited] City Chic Collective 23 November 2018{{cite web |title=Change of Company Name to City Chic Collective |url=https://www.asx.com.au/asxpdf/20181123/pdf/440kw93yc0kz0w.pdf |website=ASX |accessdate=20 December 2018}}
Mosaic brands would go on shut down Autograph and Crossroads and collapse into receivership and voluntary administration in late 2024 following financial, management and legal turmoil, then go into liquidation in early 2025 after failing to find a buyer, possibly sealing the fate of all 5 brands.{{cite news|url= https://www.9news.com.au/national/millers-noni-b-closure-mosaic-brands/2921fa17-f139-4a22-8d37-c63015f86b30|title=Millers and Noni B, last remaining Mosaic Brands stores, to shut down as group collapses|date=2025-01-29|access-date=2025-01-29|publisher=Nine News}}
= City Chic Collective (2018–present) =
In April 2019, City Chic Collective acquired U.S. plus-size intimates brand Hips & Curves for US$2 million.{{Cite web |last=Blake |first=Dean |date=7 October 2019 |title=City Chic broadens US reach with e-commerce acquisition |url=https://insideretail.com.au/news/city-chic-broadens-us-reach-with-e-commerce-acquisition-201910 |access-date=31 January 2024 |website=Inside Retail Australia |language=en-US}} In October 2019, CCC purchased the e-commerce assets of Avenue Stores from its administrator.[https://static1.squarespace.com/static/5c08ac985b409b84d9c4451a/t/5da7967bb69a1b13994a373c/1571264124646/Acquisition+of+Avenue+e-commerce+business+approved+%5BFINAL%5D.pdf Acquisition of Avenue’s e-commerce business approved] City Chic Collective 8 October 2019[https://www.insideretail.com.au/news/city-chic-broadens-us-reach-with-e-commerce-acquisition-201910 City Chic broadens US reach with e-commerce acquisition] Inside Retailing 8 October 2019
In December 2020, City Chic Collective reached an agreement to purchase the Evans brand, website and wholesale business for £23 million after its parent company Arcadia Group went into administration. The deal did not include the retailer's stores.{{cite news |last1=Ford Rojas |first1=John-Paul |date=21 December 2020 |title=Arcadia brand Evans sold to Australia's City Chic for £23m |url=https://news.sky.com/story/arcadia-brand-evans-sold-to-australias-city-chic-for-23m-12169084 |access-date=31 January 2024 |agency=Sky News}}
In July 2021, CCC acquired European plus-size online retailer Navabi for A$9.6 million.{{Cite web |last=Bailey |first=Imogen |date=27 July 2021 |title=City Chic expands into €40 billion European curve market with new buy |url=https://www.ragtrader.com.au/news/city-chic-expands-into-40-billion-european-curve-market-with-new-buy |access-date=31 January 2024 |website=Ragtrader |language=en}}
City Chic Collective exited the EMEA market in August 2023, selling its Evans business to AK Retail (owner of M&Co.) for A$15.5 million.{{Cite web |last=Beevers |first=Angela |date=7 August 2023 |title=Evans acquired by M&Co owner AK Retail |url=https://www.theretailbulletin.com/fashion/evans-acquired-by-mco-owner-ak-retail-07-08-2023/ |access-date=5 December 2024 |website=The Retail Bulletin |language=en}}{{Cite web |last=Thompson |first=Sarah |last2=Sood |first2=Kanika |last3=Rapaport |first3=Emma |date=2024-06-18 |title=City Chic seeks to raise $25 million, divests Avenue to New York buyer |url=https://www.afr.com/street-talk/city-chic-seeks-to-raise-25-million-shares-in-trading-halt-20240613-p5jlj2 |url-access=subscription |access-date=2024-06-22 |website=Australian Financial Review |language=en}} The Navabi brand was also shut down at the same time.{{Cite news |last=Greenblat |first=Eli |date=3 August 2023 |title=City Chic has decided to sell its British brands and shut down its German fashion business |url=https://www.theaustralian.com.au/business/retail/city-chic-has-decided-to-sell-its-british-brands-and-shut-down-its-german-fashion-business/news-story/b1482cfa1c54ac90d93bea40aa17170a |url-access=subscription |access-date=31 January 2024 |work=The Australian}} CCC sold its Avenue brand to FullBeauty Brands in June 2024 for $14.5 million.{{Cite web |last=Singh |first=Prachi |date=2024-06-19 |title=FullBeauty acquires US-based plus-size retailer Avenue |url=https://fashionunited.in/news/business/fullbeauty-acquires-us-based-plus-size-retailer-avenue/2024061845455 |access-date=2024-06-22 |website=FashionUnited |language=en}}{{Cite web |last=Thompson |first=Sarah |last2=Sood |first2=Kanika |last3=Rapaport |first3=Emma |date=2024-11-26 |title=City Chic chair hits the phones ahead of AGM |url=https://www.afr.com/street-talk/city-chic-chair-hits-the-phones-ahead-of-agm-20241126-p5ktl8 |url-access=subscription |access-date=2024-12-05 |website=Australian Financial Review |language=en}} In August 2024, City Chic launched its first bridal line.{{Cite web |last=Dong |first=Irene |date=2024-08-15 |title=City Chic set to launch its first bridal collection |url=https://insideretail.com.au/sectors/city-chic-set-to-launch-its-first-bridal-collection-202408 |access-date=2024-12-05 |website=Inside Retail Australia |language=en-US}}
References
External links
- {{Official website}}
- [https://www.citychic.com.au/ Chic Chic website]
- [https://www.avenue.com/ Avenue website]
Category:Companies listed on the Australian Securities Exchange
Category:Clothing retailers of Australia