Australian fashion retailer Mosaic Brands will axe five brands in a rescue mission after operational issues, closing over 200 stores.
Mosiac Brands will “wind down” Rockmans, Autograph, Crossroads, W Lane and BeMe to focus on a “core plan,” targetting five of its other brands.
Katies, Millers Noni B, Rivers and its standalone Mosaic marketplace will remain the focus of the company, Mosaic Brands CEO Erica Berchtold said.
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“Mosaic will wind down five brands which have become marginal and non-core, allowing us to focus on five core growth brands,” Berchtold said in a business update.
“Each of those core brands will have a clearly differentiated market proposition, target customer, price point and product range.”
The move means over 200 stores will close as the brand “simplifies” the business and refocuses resources.
The company will however continue to focus on its regional stores across Australia, Berchtold said.
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“Our Focus on Core is a growth-driven strategy to retain existing customers and attract newones,” she said.
“Central to this strategy, Mosaic will continue to focus on servicing regional Australia.”
The company is expected to give another update on its next moves in the coming weeks.
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