The private investment firm of David Teoh, Teoh Capital, has joined an auction for David Jones. The deal could be the end of an era for the company’s owners.
Teoh Capital is considering making a bid for the department store. This is a surprise to many in the retail industry as the company’s focus is on technology companies such as TPG. TPG recently merged with Vodafone. You can save at on your purchase at Vodafone Mobile with a Vodafone coupon.
It’s been rumored about a potential sale of David Jones for a year now, but the company has become debt-free and does not need the support of its parent company, Woolworths Holdings Ltd. Sales have been rising by 55 percent this year as customers return to the stores after two years of COVID-19 disruption.
This week, South Africa’s Woolworths Holdings, which owns David Jones, said that its flagship stores are performing better than expected. It noted that the company is well-positioned for the Christmas season.
The South African owners of David Jones have reportedly spent a lot of time and money trying to turn around the company’s fortunes. They bought the company in 2014 for about $2 billion.
The acquisition was part of the company’s strategy to create a dominant position in the southern hemisphere by competing against H&M and Zara. Unfortunately, the acquisition was too expensive for Woolworths as the company was experiencing the rapid emergence of online shopping.
The iconic David Jones store was first established in 1838 to sell the best and most exclusive goods.
TPG Telecom founder David Teoh established a private equity firm known as Teoh Capital. The company is owned by his four sons, who are all listed as partners in the firm.
On its website, Teoh Capital states that it focuses on investing in technology and software businesses. It also has a long history of supporting start-ups. One of these is Oscar Wylee, a glasses company that started online but has now expanded to 135 stores across Canada, Australia, and New Zealand.