Mr Price would acquire 70% of Studio 88 Group including Skipper Bar and John Craig brands for R3.3-billion, the fashion and homeware retailer said on Wednesday.
Studio 88, owned by Blue Falcon 188 Trading, is said to be the largest independent retailer of branded leisure, footwear and sporting apparel in the country, generating revenue of R5.6-billion for the financial year to September 2021.
“The partnership with Studio 88 Group gives Mr Price an ideal entry into the high-growth urban wear and athleisure segments of the market, which presents us with a significant non-competing channel,” Mr Price Group CEO Mark Blair said.
“What attracts us to the Studio 88 Group is their deep understanding of trend-conscious South African consumers and their ability to address their needs via their various trading formats. We also share a similar DNA, both being founder-led businesses intent on offering customers superior value and having high-performance cultures.”
Mr Price bought high-end kitchenware seller YuppieChef in 2021. The year before, the fashion retailer had acquired value retailer Power Fashion. The acquisitions all form part of Mr Price’s strategy to become the most valuable retailer in Africa.
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