Mosaic Brands Exits Non-Core Labels to Streamline Business

1 min read | October 01, 2024 01:00 PM AEST | By Team Kalkine Media

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Mosaic Brands Exits Non-Core Labels to Streamline Business — Image source: Shutterstock

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Headlines

Mosaic Brands to Streamline by Closing Five Non-Core Brands and 200+ Stores

Focus Shifts to Core Brands and Digital Growth Amid Business Restructuring

Company Announces Extension of Convertible Notes Amid Financial Realignment

Mosaic Brands (ASX:MOZ) is undergoing significant changes to stabilize its business. The company is exiting five brands and closing more than 200 stores while working to finalize and lodge its accounts with the ASX.

Mosaic will discontinue the Rockmans, Autograph, Crossroads, W.Lane, and BeMe brands, including closing all associated stores and websites. It remains uncertain how many jobs will be impacted at this time. The decision follows a year of cost-cutting measures and store closures.

CEO Erica Berchtold stated that the group will now concentrate on five core growth brands—Millers, Noni B, Rivers, and Katies—along with a stand-alone online marketplace. The rationalization plan aims to simplify operations, allowing the company to focus on these core brands with clearly defined market propositions, customer targets, and product ranges.

The company also announced the extension of convertible notes, with changes agreed upon by noteholders this week, giving the business an 18-month window to manage financial operations.

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