Best & Less

Best & Less
Company typePrivate
IndustryRetail
Founded1965; 59 years ago (1965)
Headquarters
Leichhardt, New South Wales
,
Australia
Number of locations
182 stores (2022)
OwnerBB Retail Capital
Number of employees
Over 3,000
Websitebestandless.com.au

Best & Less is an Australian retailer of clothing and household linens. As of October 2022, Best & Less has 182 stores as well as an online platform.[1]

History

Best & Less was founded by Berel Ginges in January 1965, by occupying part of the ground floor of the department store "Snows" which was in the process of closing down.[2][3] Prior to trading as Best & Less, the store was known as "Shenows". Best & Less officially opened their first store in Parramatta on 27 May 1965.

Best & Less was known for its frugal in-store appearance, with minimal fixtures, and its advertising tagline was "You don't pay for any fancy overheads". The ads often featured Joy Muir, then president of the Australian Housewives' Association, delivering the line to cameras.[citation needed]

In 1998, Best & Less was acquired by the South African investment company Pepkor.[3] Steinhoff Asia Pacific (later renamed Greenlit Brands) obtained Best & Less when it acquired Pepkor in 2014.[4][5]

In December 2019, Allegro Funds acquired Best & Less from Greenlit Brands.[6]

Best & Less Group

Best & Less Group is the holding company which comprises Best & Less and the New Zealand clothing chain Postie. It was floated on the Australian Securities Exchange in July 2021 under the code BST.[7]

In February 2023, CEO Rodney Orrock left the company to focus on his health.[8]

BB Retail Capital acquired Best & Less in July 2023.[9]

References

  1. ^ "Annual Report 2022" (PDF). Best & Less Group. 21 October 2022. p. 1. Retrieved 22 April 2023.
  2. ^ "Chapter Four 1980–1990 Raising the Stakes" (PDF). Archived from the original (PDF) on 2 January 2010. Retrieved 22 April 2010.
  3. ^ a b Kaufman, Eve (21 January 2015). "Berel Ginges founded Best & Less but was known for so much more". The Sydney Morning Herald. Retrieved 16 April 2023.
  4. ^ Powell, Dominic (19 November 2019). "Best & Less, Harris Scarfe back in Australian hands". The Sydney Morning Herald. Retrieved 16 April 2023.
  5. ^ Blake, Dean (28 September 2018). "Steinhoff Asia Pacific rebranding Greenlit". Inside Retail. Retrieved 16 April 2023.
  6. ^ Thompson, Sarah (29 April 2021). "Mum's the word at Best & Less Group". Australian Financial Review.
  7. ^ Thompson, Sarah; McDonald, Anthony; Boyd, Tim (22 June 2021). "Blundy piles into Best & Less; IPO 2.0 launched". Australian Financial Review.
  8. ^ LaFrenz, Carrie (31 January 2023). "Reject Shop CEO exits after 7 months". Australian Financial Review. Retrieved 16 April 2023.
  9. ^ "New Best & Less owners force compulsory acquisition". 10 July 2023.

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