Premier Investments plans Asia expansion
Australian specialty retailer Premier Investments will focus on Asia for growth as its home market gets tougher.
“The retail environment in Australia continues to be challenging,” chairman Solomon Lew said.
The retailer, which operates fashion chains Portmans, Just Jeans and Peter Alexander, closed 14 loss-making stores in Australia in six months and is planning further closures.
It says it will turn its focus of expansion in Asia, particularly Singapore, where it has 20 profitable Smiggle fashion stationery stores.
A further five Smiggle stores will be opened in Singapore this year. It also plans to take the brand to Japan and Malaysia.
The company also plans to expand its sleepwear chain Peter Alexander after sales rose 17 per cent.