Formerly | Noni B Limited |
---|---|
Company type | Public |
ASX: MOZ | |
Industry | Retail |
Founded | 1977 |
Founder | Alan Kindl |
Headquarters | , |
Number of locations | 715 stores (2024) |
Key people | Erica Berchtold (CEO) |
Products | Women's clothing |
Brands |
|
Website | mosaicbrandslimited |
Mosaic Brands Limited is an Australian fashion retail company. It operates 715 stores across Australia under the brands Millers, Rockmans, Noni B, Rivers, Katies, Autograph, Crossroads, W. Lane and Beme.[1] The company's core market is women over the age of 50.[2]
History
[edit]Mosaic Brands began as Noni B which was founded by Alan Kindl. Kindl had been a stockfeed chemist and was seeking a career change. When the opportunity came up in 1977, Kindl partnered with a friend to buy a women's fashion boutique in Belmont, New South Wales and another store nearby.[3]
By 1989, there was 38 Noni B stores in New South Wales and Victoria. Kindl's friend wanted to leave the business so Kindl purchased his stake in the company for $1.2 million.[3] In 2000, Noni B listed on the Australian Securities Exchange.[4]
![](https://upload.wikimedia.org/wikipedia/commons/thumb/e/e1/Noni_B%2C_Westfield_Carousel.jpg/220px-Noni_B%2C_Westfield_Carousel.jpg)
In 2003, Noni established Liz Jordan, a new brand aimed at younger, more upmarket customers.[4] Liz Jordan products were sold in dedicated stores and in many Noni B stores.[3] Although Noni B planned on moving upmarket with Liz Jordan, its products struggled to command higher prices because they were sold in Noni B stores.[5] In August 2006, Noni B launched a new concept called La Voca, aimed at a similar demographic to Liz Jordan but with greater separation from Noni B.[6] At the same time, the company closed its Liz Jordan stores, rebranding them as Noni B or La Voca stores. Liz Jordan products continued to be sold in Noni B stores.[5] In June 2008, Noni shut down the loss making La Voca venture. About half of the 19 La Voca stores were rebranded to Noni B stores.[7]
In September 2014, private investment firm Alceon Group attempted a takeover of Noni B. The Kindl family sold their 42 per cent stake in Noni B to the firm.[8] However, Alceon was blocked from taking the company private when Gannet Capital acquired a 12 per cent stake in Noni B.[9][10] In November 2014, Scott Evans was appointed CEO of Noni B.[11] In December 2014, Noni B bought two brands—Queenspark and Events—for $675,000.[12]
In August 2016, the company purchased Pretty Girl Fashion Group from Consolidated Press Holdings for at least $75 million in cash and shares. Pretty Girl Fashion Group had around 370 stores under the brands Table Eight, Rockmans, BeMe, and W. Lane.[13] In July 2018, Noni B purchased five brands—Autograph, Crossroads, Katies, Millers and Rivers—from Specialty Fashion Group for $31 million.[14]
![](https://upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Millers%2C_Maddington_Central.jpg/220px-Millers%2C_Maddington_Central.jpg)
In November 2019, Noni B purchased a 50.1 per cent stake in New Zealand multi-channel retailer EziBuy from Alceon Group in a $1 peppercorn sale.[15] That month, Noni B Limited also changed its name to Mosaic Brands.[16]
The onset of the COVID-19 pandemic in Australia led Mosaic to temporarily closed its 1379 stores and stand down 6800 staff in March 2020.[17] Between the start of the pandemic and September 2021, the company closed 288 stores.[18] The company announced a $32 million capital raise in September 2021 to help it stay afloat until pandemic restrictions eased.[19]
In May 2021, the company was fined $630,000 by the Australian Competition and Consumer Commission (ACCC) for making false or misleading claims pertaining to hand sanitiser and face mask products.[20] The company was also fined $266,400 in September 2022 for false claims regarding two other products. Mosaic Brands said the two products were from "third-party sellers" and "neither product was ever purchased by a customer".[21]
Mosaic purchased the remaining 49.9 per cent stake in EziBuy in October 2021 for $11 million.[22] In April 2023, Mosaic placed EziBuy into administration, with plans to restructure it.[23] With this the remaining stores were closed down and the retailer went online only.[24] The brand entered liquidation in July 2023 with creditors owed more than $100 million.[25][26]
In May 2023, Mosaic was fined $29,000 after it pleaded guilty to 324 offences of underpaying long service to workers. The court found that while the underpayments were not deliberate, they occurred due to a lack of care and diligence.[1]
Erica Berchtold was appointed CEO of Mosaic Brands in February 2024.[27] The following month, the ACCC brought proceedings against the company for allegedly making false or misleading representations to consumers about delivery timeframes and their rights regarding refunds for faulty products.[28]
References
[edit]- ^ a b Smith, Alexandra (29 May 2023). "Fashion giant guilty of hundreds of underpayment offences". The Sydney Morning Herald. Retrieved 5 March 2024.
- ^ Mitchell, Sue (26 May 2021). "Mosaic Brands back in growth after closing stores". Australian Financial Review. Retrieved 6 March 2024.
- ^ a b c Walker, Jacqui (8 September 2005). "Family in fashion". Australian Financial Review. Retrieved 5 March 2024.
- ^ a b Tyndall, Fiona (28 June 2003). "Family's retail brand spawns a daughter". Australian Financial Review. Retrieved 5 March 2024.
- ^ a b Evans, Michael (17 August 2006). "Noni B chief has designs on DJs' shoppers". Sydney Morning Herald. Retrieved 5 March 2024.
- ^ Mitchell, Sue (20 August 2007). "Noni B tries on a young new market". Australian Financial Review. Retrieved 5 March 2024.
- ^ "Noni B to restructure La Voca stores". The Sydney Morning Herald. 18 June 2008. Retrieved 5 March 2024.
- ^ Mitchell, Sue (3 September 2014). "Noni B founders to accept Alceon takeover bid". Australian Financial Review. Retrieved 5 March 2024.
- ^ Mitchell, Sue (27 October 2015). "Noni B returns to profit on cost cuts, store closures". The Sydney Morning Herald. Retrieved 5 March 2024.
- ^ Mitchell, Sue (28 October 2014). "Noni B gets new chief as Alceon takeover becomes unconditional". Australian Financial Review. Retrieved 5 March 2024.
- ^ "New CEO for retailer Noni B". The Sydney Morning Herald. 3 November 2014. Retrieved 5 March 2024.
- ^ "Noni B snapping up women's fashion brands". SBS News. Retrieved 5 March 2024.
- ^ Mitchell, Sue (3 August 2016). "Noni B buys James Packer's Pretty Girl". Australian Financial Review. Retrieved 5 March 2024.
- ^ "Noni B bags Rivers, Millers and Katies in Specialty buy". The West Australian. 14 May 2018. Retrieved 5 March 2024.
- ^ Powell, Dominic (20 November 2019). "'Try before you buy': Noni B snaps up EziBuy for $1 to boost online sales". The Sydney Morning Herald. Retrieved 5 March 2024.
- ^ "Mosaic Brands Limited (MOZ.AX) company profile & facts". Yahoo Finance. Retrieved 5 March 2024.
- ^ Powell, Dominic (24 March 2020). "'Makes no sense': Major retailer slams government after shutting 1379 stores". The Sydney Morning Herald. Retrieved 5 March 2024.
- ^ Le May, Rebecca (1 September 2021). "Retail giant behind Noni B, Katies, Rivers and Rockmans reveals 288 stores shuttered since pandemic start". News.com.au. Retrieved 6 March 2024.
- ^ Simmons, David (6 September 2021). "Mosaic Brands to raise $32 million". Business News Australia. Retrieved 8 August 2024.
- ^ Gorman, Alyx (27 May 2021). "Australian retailer Mosaic Brands fined $630,000 for misleading hand sanitiser claims". The Guardian. ISSN 0261-3077. Retrieved 6 March 2024.
- ^ Koehn, Emma (15 September 2022). "Katies, Rivers owner fined again over false product claims". The Sydney Morning Herald. Retrieved 6 March 2024.
- ^ Blake, Dean (30 September 2021). "Mosaic Brands completes $11m EziBuy purchase to fuel online growth". Inside Retail Australia. Retrieved 5 March 2024.
- ^ Turner-Cohen, Alex (3 April 2023). "Online shopping retailer goes into administration as sales down 51%". News.com.au. Retrieved 5 March 2024.
- ^ "Founder laments Ezibuy downfall". New Zealand Herald. 22 July 2023. Retrieved 21 July 2023.
- ^ "EziBuy tipped into liquidation by creditors". New Zealand Herald. 22 July 2023. Retrieved 5 March 2024.
- ^ Taunton, Esther (20 July 2023). "Online retailer Ezibuy goes into liquidation owing more than $100m". Stuff. Retrieved 5 March 2024.
- ^ Yun, Jessica (29 February 2024). "The Iconic's former CEO to lead budget brands Rivers, Katies, Noni B". The Sydney Morning Herald. Retrieved 5 March 2024.
- ^ Yun, Jessica (3 March 2024). "Katies, Rivers, Noni B owner to defend 'flawed' ACCC lawsuit over failed deliveries". The Sydney Morning Herald. Retrieved 6 March 2024.
External links
[edit]- Official website
Media related to Mosaic Brands at Wikimedia Commons
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