THE CO-OP ACQUIRES AUSTRALIAN GEOGRAPHIC
Written on the 26 August 2016 by Sydney Business News
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