Millers, Katies and Rivers sold to Noni B for $31 million

Struggling retailer Specialty Fashion Group has sold its stable of mid-market brands Millers, Katies, Rivers, Crossroads and Autograph to rival group Noni B.

The sale will net Specialty Fashion $31 million in cash, and leave it with only one brand in its portfolio - City Chic, the successful plus-sized women’s apparel label seen as the jewel in its otherwise challenged business.

Specialty Fashion’s chair Anne McDonald said that following a review of the business, directors unanimously agreed that retaining City Chic and selling all other businesses would maximise value for shareholders.

“In a challenging and rapidly changing retail environment, [Specialty Fashion] has been successful in building City Chic into a market leader in the attractive plus-size segment of the women’s apparel market,” Ms McDonald said.

“The transaction will provide the funding flexibility, corporate structure and management focus required to realise City Chic’s longer term full potential”.