Formerly | Noni B Limited |
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Company type | Public |
ASX: MOZ | |
Industry | Retail |
Founded | 1977 |
Founder | Alan Kindl |
Headquarters | , |
Number of locations | 1,110 stores (2023) |
Key people | Erica Berchtold (CEO) |
Products | Women's clothing |
Brands |
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Website |
mosaicbrandslimited |
Mosaic Brands Limited is an Australian fashion retail company. It operates 1110 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]
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]
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]
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]
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. [19] 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". [20]
Mosaic purchased the remaining 49.9 per cent stake in EziBuy in October 2021 for $11 million. [21] In April 2023, Mosaic placed EziBuy into administration, with plans to restructure it. [22] With this the remaining stores were closed down and the retailer went online only. [23] The brand entered liquidation in July 2023 with creditors owed more than $100 million. [24] [25]
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. [26] 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. [27]