Sass & Bide founders end directors stint
The fashion duo, who took sass & bide from a simple idea to a stalwart of the global catwalk with annual sales of more than $50 million, will remain closely involved with the business and maintain their executive roles, as well as sit on an advisory board.
After Myer's decision last month to buy the remaining 35 per cent in sass & bide it didn't own, the department store has filled the board positions on the fashion label's holding company, Boogie & Boogie Pty Ltd, as well as a string of subsidiary companies under the sass & bide livery.
Crucially for Myer as it looks to build on sass & bide's worldwide success, and an expansion of the label's range into areas such as lingerie, both co-founders will still spearhead the business' style direction.
Despite no longer being directors of the company, Middleton will remain the creative director of sass & bide, while Clarke will keep her job as brand director. Both will also remain ambassadors for the label. The duo's departure from the board of Boogie & Boogie as well as sass & bide Pty Ltd does mean they will have limited scope to oversee the financial and strategic direction of the business, with Myer now in full control of the label's future.
Myer, the nation's biggest department store, first bought a 65 per cent stake in sass & bide in February 2011 for $42.3 million. Since that first investment sass & bide has delivered a consistently strong performance for its investors, lifting sales by 45 per cent and profit by 112 per cent.
Documents lodged with the corporate regulator show sass & bide posted full-year sales of $51.28 million in 2011-12, up from $41.82 million in the previous financial year, while net profit increased to $5.16 million from $3.566 million.
When it took full ownership, paying about $30 million for the remaining 35 per cent, Myer pledged to retain sass & bide's autonomy of management and, importantly, design. Under the leadership of the co-founders, sass & bide successfully navigated the global financial crisis and is one of the few Australian fashion labels to generate a lucrative return for its backers.
Clarke, an accountant, and Middleton, an art director, met in Brisbane in the 1990s and were soon off to London to seek their fortune, setting up a stall in the Portobello market where they sold clothes. Their T-shirts and mini-skirts did well but it was their cut-off three-quarter jeans that found a real following among local shoppers.
They soon returned to Sydney to try their hand at the fashion game full-time, taking their label's name from their nicknames - Sass being Middleton's pet name for Clarke and Bide a family name moniker for Middleton.
Frequently Asked Questions about this Article…
Sarah-Jane Clarke and Heidi Middleton, the co-founders of Sass & Bide, resigned as directors after Myer, the new owner, took full control of the company. They will still be involved in the business but will focus on their executive roles and advisory board positions.
Sarah-Jane Clarke and Heidi Middleton, the co-founders of Sass & Bide, resigned as directors because Myer, the new owner, is taking full control of the label. However, they will still be involved in the business as executive roles and advisory board members.
Despite stepping down as directors, Sarah-Jane Clarke will continue as the brand director, and Heidi Middleton will remain the creative director of Sass & Bide. Both will also serve as ambassadors for the label.
Yes, despite stepping down as directors, Sarah-Jane Clarke and Heidi Middleton will remain closely involved with Sass & Bide. They will continue in their executive roles and sit on an advisory board, maintaining influence over the brand's style direction.
Myer's acquisition of the remaining 35% of Sass & Bide has led to the department store filling board positions and taking full control of the label's future. However, Myer has pledged to maintain the brand's autonomy in management and design.
Myer has taken full ownership of Sass & Bide, having purchased the remaining 35% stake it didn't own. Myer now controls the board positions and the strategic direction of the company, while pledging to retain the label's management and design autonomy.
Since Myer's initial investment in 2011, Sass & Bide has delivered strong performance, increasing sales by 45% and profit by 112%, making it a lucrative investment for its backers.
Since Myer first invested in Sass & Bide, the label has shown strong financial performance, with sales increasing by 45% and profit by 112%. This growth highlights the brand's successful navigation of the global financial crisis and its lucrative returns for investors.
Under Myer's ownership, Sass & Bide plans to expand its range into areas like lingerie while continuing to build on its worldwide success. The co-founders will still lead the business's style direction.
Under Myer's ownership, Sass & Bide aims to build on its worldwide success by expanding its range into areas like lingerie. The co-founders will continue to spearhead the business's style direction, ensuring the brand's creative vision remains intact.
Sass & Bide was founded by Sarah-Jane Clarke and Heidi Middleton, who started by selling clothes at Portobello market in London. Their unique designs, like cut-off three-quarter jeans, gained popularity, leading to the brand's global success.
Myer initially bought a 65% stake in Sass & Bide in February 2011 for $42.3 million. This investment marked the beginning of Myer's involvement with the fashion label, leading to its eventual full ownership.
In the 2011-12 financial year, Sass & Bide posted full-year sales of $51.28 million, up from $41.82 million the previous year, with net profit increasing to $5.16 million from $3.566 million.
Sass & Bide was founded by Sarah-Jane Clarke and Heidi Middleton, who met in Brisbane and later set up a stall in London's Portobello market. Their unique designs, especially cut-off three-quarter jeans, gained popularity, leading to the brand's global success.
Myer initially bought a 65% stake in Sass & Bide in February 2011 for $42.3 million, which has since proven to be a successful investment with significant sales and profit growth.
After resigning as directors, Sarah-Jane Clarke will continue as the brand director, and Heidi Middleton will remain the creative director of Sass & Bide. Both will also serve as ambassadors for the label, ensuring their ongoing influence on the brand's identity.
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