Premier Investments will close all three Peter Alexander stores in the UK after less than two years as the Australian retailer seeks to pull back and redirect capital to stronger markets.
The decision followed weak consumer spending and a poor economic outlook in the UK.
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In a trading update for the 52 weeks ended July 25, Premier said its board had decided to exit the sleepwear brand’s stores at Bluewater, Stratford and White City following “sustained difficult trading conditions”.
Peter Alexander will continue selling to UK customers online.
Premier chairman Solomon Lew said discretionary retail conditions had deteriorated in the second half of the financial year.
He added the UK closure would allow Premier to focus investment on Australia and New Zealand, where the brand is performing more strongly.
Lew said: “While trading conditions in the United Kingdom remain difficult, the decision to close our UK stores allows us to concentrate our investment where the brand is performing strongly.
“We have decided to channel our growth capital for Peter Alexander into our Australia and New Zealand markets, online and potentially capital-light wholesale which we continue to explore with global partners.”
Peter Alexander entered the UK in late 2024 with two London stores and one in Kent.
The company said the rollout had been phased to test market response and that it applies strict store profitability and return hurdles.
The retailer also cut its full-year earnings outlook.
Premier Retail now expects unaudited FY26 sales of A$795.5m ($560.6m), down 2% year on year, and underlying EBIT [earnings before interest and taxes] of A$176m, below the roughly A$183m guidance issued in March.
Despite the downgrade, Premier said Peter Alexander will open at least five new stores in Australia and New Zealand in the first half of FY27, including a flagship Sydney CBD site in October.
The brand will also return to Myer as a concession partner, with a heads of agreement covering 24 stores from August 2027.
Furthermore, Peter Alexander is “actively exploring international wholesale opportunities with global best-in-class wholesale partners, leveraging Premier Retail’s existing expertise in this channel”.
Premier expects to release its FY26 results in late September.
