Former House of Fraser’s CEO takes the reins at Australian department stores Myer

Former House of Fraser’s executive and experienced fashion retail expert John King has been appointed CEO at Australian department store operator Myer.

King held the reins at British fashion label House of Fraser, a business he restructured and eventually sold to Sanpower in 2014.

Commenting the appointment, Myer Executive Chairman Garry Hounsell said: “John brings over thirty years of highly relevant retail experience across department stores, specialty retailing, premium global brands, wholesale apparel and discount retail.”

In turn, King said: “I am excited to lead this iconic Australian Company, which like all global retailers, is facing significant change in both the retail environment and consumer shopping habits. I’m looking forward to the challenges and opportunities of this role.”

King will be facing challenging times, as the retailer currently goes through the woes of a too heavy physical network at times when digital competition nothing but increases. Additionally, its largest shareholder, Solomon Lew’s Premier Investments (which owns a 10.8 percent stake), is demanding The Myer board to replace chairman and directors.

The retailer reported a loss of 476.22 million Australian dollars for first half, driven largely by a 515 million Australian dollars impairment, with sales down 3.6 percent to 1.72 billion Australian dollars.