Myer acquires Just Jeans, Jay Jays and Dotti in major retail expansion deal

Myer will acquire Premier Investments' clothing division, which includes brands like Just Jeans and Jay Jays. This deal will give Myer nearly 800 retail stores across Australia and New Zealand, significantly expanding its presence. In exchange for the Apparel Brands, Myer will issue new shares to Premier, making Premier a majority shareholder with over 51 percent. The deal requires approval from both companies' shareholders. Premier will keep its Smiggle and Peter Alexander brands. Solomon Lew, chairman of Premier, will join Myer's board after the transaction is completed, expected next year.