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Published 18 December 2013 08:55, Updated 10 January 2014 10:31
sass & bide designers Sarah-Jane Clarke and Heidi Middleton at New York Fashion Week in September 2013 Dan and Corina Lecca
Megan Foster has stepped down as the boss of Myer-owned fashion chain sass & bide after less than four months in the role, returning to the department store fold to run its freestanding stores.
The shock departure means sass & bide will be searching for its second chief executive this year, only days out from Christmas and as Myer inches closer to finding an eventual replacement for current Myer boss Bernie Brookes.
It is believed Foster, who lives in Melbourne, found the weekly commute to Sydney where she ran sass & bide difficult to maintain, especially as she has young children.
Myer paid $42.3 million for a two-thirds stake in the high-end sass & bide chain in 2011, later paying another $30 million to acquire the remainder of the business. The second payment, in September this year, boosted the joint fortune of the founders, Sarah-Jane Clarke and Heidi Middleton, by $9 million.
Last month Clarke and Middleton, who have previously featured on the BRW Young Rich, resigned as directors of the fashion empire they founded 14 years ago – although they remain closely involved with the label, maintaining their senior executive roles.
Foster will remain on the advisory board of sass & bide, along with Clarke and Middleton, and will also help hunt for a new CEO of the popular women’s fashion label.
Read the full story in the Australian Financial Review: Sass & bide chief steps down