Premier Investments Limited (ASX:PMV) said on March 26, 2024 it was exploring a demerger and separate listings of its Smiggle (Smiggle Pty Ltd.) and Peter Alexander (Peter Alexander Sleepwear Pty Limited) brands while reporting a rise in half-year profit, sending its shares to a record high. Shares of the company rose 9.3% to an all-time high of AUD 3.510 before paring some of the gains. The stock was among the top gainers in the benchmark index (.AXJO) which was down 0.4% as of 2341 GMT.

The potential demerger is part of a strategic review, which began in August 2023 with a particular focus on Smiggle, Peter Alexander and apparel brands. Premier Investments said it was working towards the demerger of stationary brand Smiggle by the end of January 2025 and designer sleepwear brand Peter Alexander in the calendar year 2025. ?The ongoing strategic review has identified that the potential demerger of Smiggle and Peter Alexander is likely to maximise and accelerate the growth opportunities for these two brands over time,?

Chairman Solomon Lew said in a statement.