Fresh stock, new range: How Bernie Brookes aims to rebuild The Daily Edited
BJM executive chairman Bernie Brookes is confident that he can rebuild and rejuvenate Australian luxury accessories brand The Daily Edited on a global scale. The ex-Myer CEO – whose company acquired and invigorated handbag, jewellery and accessory chain Colette by Colette Hayman (CBCH) – bought TDE after a three-month administration process run by KordaMentha. He will be a major shareholder, along with Marianne Jones and Anthony Coelho – who are the existing joint CEOs of CBCH. Following B
wing BJM’s acquisition of that business in September 2020, CBCH increased its store footprint from 35 to 57 stores, and saw a 300 per cent increase in revenue.
Brookes told Inside Retail that he is confident that both brands can achieve operational synergy, and that CBCH’s intellectual property can be utilised within TDE However, he said that the brands compete in different markets and will continue to trade independently.
“TDE has more of an online focus and international customers, whereas Colette is predominantly bricks-and-mortar with a strong Australian and New Zealand base,” Brookes said.
While TDE’s positioning and monogramming are set to remain, and its supplier base will be maintained, Brookes believes there’s a major opportunity to open new stores, and strengthen its online presence.
“We plan to refresh the range with more styles and colours while ensuring the core of the business is strengthened. We see a sizeable opportunity in rebuilding the brand globally,” he said.
“We have already ordered fresh stock and started ordering new ranges. In addition, we are [examining] growth opportunities through new premium stores, concessions, and range extensions.”
Protecting the brand
With stores in Australia, New Zealand, the US and Singapore, and with sales exceeding $20 million, TDE’s co-founder and former director Tania Liu told Inside Retail in December 2021 that the brand was planning a holistic brand refresh in the year ahead. It was also pursuing international growth opportunities following a court stoush over personal expenses with co-founder Alyce Tran.
However, the brand went into liquidation on 30 September, citing challenges related to the Covid pandemic and the competition.
Brookes believes the business had a declining sales base and growing cost base. He also said that it had a lack of cash to buy stock and open stores, and that it grew quickly without capital.
He added that the first objective for BJM is to protect the brand by ensuring its positioning and quality focus. He said that it will initially look to improve stock availability and speed to market.
“We have exceptional CEOs in Marianne Jones and Anthony Coelho who have taken the Colette brand forward with fresh fashionable merchandise, enhanced supply, strong marketing, improved quality and strategic thinking on price, promotion, and visual merchandise,” he said.
“With increased bricks-and-mortar locations, a rebuild of the brand, additional ranges, fresh stock and enhanced designs, we can replicate the enormous success of Colette [as] aligned to the TDE Customer.
“I am confident that we can rebuild the brand.”
The rejuvenation of TDE will coincide with a brand relaunch of CBCH this year, which will be overseen by creative agency Paper, Stone, Scissors. It is also in negotiations over additional Colette stores in Australia and New Zealand.
Brookes sees similar opportunities to invest in TDE’s online and in-store presence.
According to Brookes, TDE will maintain its existing workforce while also looking to build the team in order to grow the business.
Gift cards will be honoured, and its supplier base has indicated that it will continue to provide new stock.
While he is pleased to have found a good fit in TDE, he is searching for other brands to add to BJM’s portfolio.
“We continue to look at logical bolt-on acquisitions, but it is not commercially logical to name them,” he said.
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