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· Posted on
March 15, 2024

Myer's serving face after a profit glow up, and bringing in new leadership to maintain its growth

Myer had a major glow-up with its share price jump, and even brought in a new executive chairwoman and CEO.

What's the key learning?

  • Myer's new executive chairwoman and CEO is the former head of Qantas' loyalty division.
  • Given Wirth's background in loyalty, data, and e-commerce, this loyalty program is clearly a big focus for Myer.
  • Companies need leaders whose skills and experiences align with the company’s future growth channels rather than its historical ones.

👉 Background: Myer has been an iconic name in Australian fashion for more than a century. But it's been through some dark days, when profits were shrinking, which forced some stores to down and job cuts.

👉 What happened: Myer has since had a major glow-up, with its share price jump nearly 40% this year alone and a net profit after tax of $52 million for the half year ended December 2023. This was lower than the previous period, but investors were pleased, given the soft economy.

👉 What else: Myer also announced a new executive chairwoman and CEO, Olivia Wirth. She's the former head of Qantas' loyalty division, aka Frequent Flyer—so clearly, they've got a specific focus for the future.

What's the key learning?

💡Companies need leaders whose skills and experiences align with the company’s future growth channels rather than its historical ones.

💡Myer's loyalty program, Myer One, has more than 4.3 million active members, which make up more than 76% of all sales. Given Wirth's background in loyalty, data, and e-commerce, this loyalty program is clearly a big focus for Myer.

💡While Myer's online sales only account for around 21% of total sales, it's clear that e-commerce and data are a key focus. And rather than just focusing on stabilising the business, it seems like Myer's new focus now is growth.

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