Solomon Lew becomes largest shareholder of Myer in merger deal

Solomon Lew has secured a merger deal that makes him the largest shareholder of Myer, with a 27% stake. This follows a long pursuit of the department store, marking a significant shift in ownership dynamics. Lew's Premier Investments, which owns popular brands like Smiggle and Peter Alexander, will now integrate with Myer. This merger aims to enhance Myer's product offerings and improve its financial performance, which has struggled in a tough retail environment. Following the announcement, shares of both Premier Investments and Myer rose, indicating positive market reception. Lew's strategy includes leveraging his retail expertise to revitalize Myer and expand its private brand offerings.