Background: Premier Investments, the ASX-listed group behind Peter Alexander and Smiggle, once owned a whole lineup of fashion brands. Think: Dotti, Jacqui E, Portmans and JayJays but it sold them to Myer for more than $800 million. After the sale, it held onto its two “golden children”: Smiggle (the high-price, high-glitter stationery brand) and Peter Alexander (the sleepwear empire that made PJs a lifestyle).

What happened: But now, Smiggle is no longer the star child. Premier announced first-half FY26 earnings guidance of $120 million, landing 15% below expectations. To make matters worse, Smiggle still doesn’t have a CEO and hasn’t had one since September 2024, creating a big leadership gap during a critical slump.

What else: Investors did not vibe with the update. Premier’s share price dropped 12% on the news, which shows how shaky leadership plus declining brand performance can shake investor confidence fast.

What's the key learning?

💡Leadership stability is often an underrated driver of company value. When a brand is struggling, investors want to see a steady captain... not a vacant corner office.

💡A leadership vacuum creates uncertainty, and markets absolutely hate uncertainty. In fact, a corporate finance study of 687 unplanned CEO departures found a clear link between missing leadership and falling shareholder value.

💡Smiggle’s slump isn’t just about missing management - its core audience is losing interest as the cost of living squeeze means parents are no longer buying the high-end stationery for their kids. And with weakening demand and no permanent CEO for 15 months, Premier needs a turnaround leader fast.