THE CO-OP ACQUIRES AUSTRALIAN GEOGRAPHIC

Written on the 26 August 2016 by Sydney Business News

THE CO-OP ACQUIRES AUSTRALIAN GEOGRAPHIC AUSTRALIAN Geographic has a buyer, with the Co-op today announcing it will acquire the iconic Australian brand's 66 retail stores.

Australia's largest campus retailer will acquire Sydney-based Australian Geographic from its sole shareholder, Myer Family Investments. 

This complements the Co-op's position as an educational retailer for university students by enabling the combined brands to reach customers of a wider age bracket.

The acquisition will see all 66 Australian Geographic Retail stores and the online store join the Co-op ahead of the busy Christmas trading period.

Thorsten Wichtendahl, CEO of the Co-op, says this is a 'historic milestone' in his company's 58-year existence.

"The marriage of these two iconic Australian brands provides a platform to better serve our customers. The addition of 66 shopping centre locations to our existing network allows us to better reach customers of all ages and takes us much closer to fulfilling our goal of being the lifelong learning partner for Australians."

CEO of The Myer Family Investments, Peter Hodgson, says this marks a 'very positive story for the retail industry'.

The Co-op is Australia's largest member-owned retailer with over 1.9 million members, primarily made up of current and former university students who shop at its 63 campus stores and online store.

Completion of the acquisition will take place on September 5.


Author: Sydney Business News Connect via: Twitter

Latest News

HUGE PROFIT SPIKE FOR HELLOWORLD HEALS MERGER WOUNDS

HELLOWORLD (ASX: HLO) gripped the share market this morning after its announcement of a whopping 880 per cent increas...

PROFIT DROP AT SERVCORP

SERVICED office company Servcorp has seen its profit fall, citing New York City, Singapore and Saudi Arabia as the pr...

ACQUISTION AND ORGANIC GROWTH BOOST NATIONAL STORAGE

NATIONAL Storage increased revenue 46 per cent to $54.4 million in the first half of FY17, driven by organic growt...

BLACKMORES: AUSTRALIA SLOWS, CHINA JUMPS

BLACKMORES suffered a 42 per cent decline in first half profit, the health food manufacturer announced today.

The ...

Related News

WHY EMPLOYEE-OWNED COMPANIES ARE BEATING ASX200 SHARE PRICES

EMPLOYEE-owned companies command a higher share price than their publicly listed peers, reaping a 17 per cent prem...

RISE OF THE MACHINES HAS WORKERS SWEATING

UP TO 3.8 million Australian workers are fearful their job may soon be terminated by a robot, a new survey has shown....

LESS TALK, MORE SMALL BUSINESS ACTION IN 2017

THE future growth and prosperity of Australian SMEs could be undermined if governments lose sight of the sector...

TEST DRIVE A POST GRAD AT BOND

THERE'S only one way to really move your career into the fast lane, says Bond University, and 'test driving...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter