It might be the sale of the century, as popular Australian retailer David Jones has been bought for an absolute bargain at $150 million.
Although $150 million might sound like a lot of money, it’s comparatively less than the price it was bought for not ten years ago. In 2014, the retailer was bought by Cape Town based Woolworths Group for an eye watering $2.1 billion.
Who bought David Jones?
So, who got the bargain of the year? It turns out that David Jones is moving back to home soil as the company was bought by Sydney-based private equity firm Anchorage.
A spokesperson for Anchorage has emphasised that the firm will be working closely with the team and David Jones to keep the shop profitable. David Jones’ chief executive officer Scott Fyfe is confident in the sale.
“Under this team’s stewardship, David Jones is now profitable, cash-generative, and self-funding. We are confident in David Jones’ next chapter as the retailer of the future and a seamless omnichannel experience,” says an Anchorage spokesperson.
The store has a 184-year history in Australia, so it’s great to see it coming home.