The Melbourne based wholesale giant – whose footwear business suffered over fiscal 2009, with earnings dropping 23 per cent and sales by 7 per cent to $215.9 million – has moved to divest itself of both brands, with further cuts expected going forward.
Pacific Brands reportedly plans to offload up to 200 brands in a bid to streamline its business. Trade media coverage of the move indicated that “high street” brands such as Sachi (pictured) and Pierre Fontaine would continue to be badly hit by consolidation of the footwear sector over the coming months.
Recent comparable casualties include Steve Madden, which was forced to wind up after failing to find a buyer, following its entry into administration. Earlier this year footwear group Figgins Holdings closed 43 Shoo Biz outlets due to falling sales.