The retail veterans behind retailers like Sanity, Diva, Lovisa, Bras n Things and Honey Birdette have made an offer to buy Best & Less.
👉 Background: Best & Less is the Aussie clothing and footwear retailer that has grown to nearly 250 stores around Australia. But since it was listed on the share market in July 2021, it has had some pretty average results and a 20% drop in share price.
👉 What happened: Now, the retail veterans behind retailers like Sanity, Diva, Lovisa, Bras n Things and Honey Birdette have made an offer to buy Best & Less.
👉 What else: The juicy part? Their offer is understood to be a nearly 5% discount on the current Best & Less price. And despite this, it’s believed some of the major shareholders of Best & Less are actually open to this offer.
💡While normally takeover bids comes with a premium to sweeten the deal, it’s not always the case. Especially if you’ve got something else to offer.
💡At the end of last year, Best & Less warned that profits and sales will be weaker than expected. That’s despite the fact that other retailers like Mosaic Brands, Myer, David Jones and Kmart are still reporting positive results.
💡So the takeover bidders, Brett Blundy and Ray Itaoui reckon they’ve got a lot to offer Best & Less after scaling retailers into billion dollar businesses and helping them find their niche.
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