There Is Some Bad News For Sportsgirl Shoppers!
She may have made a fortune by owning two of Australia’s best-known women’s fashion brands, but it looks like Naomi Milgrom is cashing in.
According to The Australia, The Sussan Group is on the market, meaning Sportsgirl and Sussan’s will be sold shortly.
The newspapers say that Naomi’s business “may be on standby to divest the business on her behalf” as analysts note that the sale “makes sense” as the chair and chief executive has no succession plan.
The company turned over $474 million in 2015, with profits of $36 million but it looks like a huge change could be coming in for the business.
With more competition in shopping centres than ever, Sportsgirl may need to adapt to take on H&M and TopShop to continue to make money.
While sales for the businesses have increased, it didn’t take long for Macs, David Lawrence, Pumpkin Patch or Payless Shoes to falter and fall.