Alice Barbery is stepping down as group CEO of Universal Store Holdings, ending a chapter that saw the business grow from a three-person office to an ASX-listed fashion group with 128 stores. George Do will take over as the consumer market cools.
Barbery’s Tenure and Transition
Barbery is completing her role as group CEO and managing director this week. In a LinkedIn post, she described her departure as “graduating rather than retiring.” She recalled the company’s early days, when it operated from a single room with three staff and used a store stock room as its distribution center.
Barbery led the management buyout of the business in 2018 and took it public in 2020. Under her leadership, the group launched Perfect Stranger and acquired Cheap Thrills Co, the owner of Thrills and Worship brands.
“When I look back, I feel incredibly proud of what we have built,” Barbery said. “To the team at Perfect Stranger, Universal Store and Thrills – thank you. Your commitment and belief in what we do and the way we do it has made this so special.”
Successor George Do Takes Charge
Barbery will rejoin the board as a non-executive director starting February 1, 2027. She will also provide consulting support for Cheap Thrills Co and join its advisory board. George Do will officially assume the role of group CEO on November 1.
Do’s history with the company dates back to 2005 when he joined on the shop floor. He became head of product in 2011 and established the private brand department. He has led the Universal Store and Perfect Stranger banners since March 2025.
“There is no one better I could have wished for to take this team to new heights,” Barbery said. She left the team with a final instruction to “go and break every record the group has set.”
Market Conditions and Sales Outlook
Do inherits a business facing a cooling market. Group direct-to-customer sales rose 9.3 per cent in the 17 weeks to October 25, down from 13.7 per cent at the same point last year. Investment bank UBS noted that like-for-like growth slowed across all three brands in the latter part of that period.
Perfect Stranger saw the most significant slowdown, with growth dropping from 17.6 per cent in the first seven weeks to 7.5 per cent over the following 10. Despite this, UBS remains confident in the group’s sales outlook, citing its resilient customer base and strong merchant execution.
The group is on track to open 16 to 20 new stores this financial year. However, UBS flagged pressure on earnings margins due to higher depreciation from new stores and inflationary costs from wage increases.
Analyst Ratings and Strategy
Jarden and Macquarie have retained their buy ratings on Universal Store stock. Jarden described the group’s latest sales update as “a touch softer than expected,” noting that macroeconomic pressures are affecting customers. The broker believes the company can still outperform due to its store rollout opportunities and market share gains from competitor closures.
Macquarie also acknowledged the recent sales slowdown but pointed out that positive like-for-like growth at Universal Store and Perfect Stranger helped the group avoid cost deleverage. The broker highlighted the growing influence of Black Friday promotions and the event-driven nature of Perfect Stranger’s demand.
Macquarie remains constructive on Do’s aggressive store rollout strategy. It noted the group’s net cash position of around $23 million and its inventory-light model as key strengths. The broker retained its outperform rating, acknowledging the higher risk profile for the current financial year. Barbery, for her part, is looking forward to her first full Christmas off in years.
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