Mar 24, 2017 Last Updated 10:30 AM, Mar 24, 2017

Brait purchases majority stake in New Look

ABN – Brait has purchased a majority stake in UK fashion retailer New Look for £780 million (US$1.2 billion).

The company, which is owned by South African billionaire Christo Wiese, also recently purchased an 80% stake in Virgin Active for £682 million.

Brait already owns a 19% stake in British food retailer Iceland as well as an 87% stake in South African food maker Premier.

New Look CEO Anders Kristiansen said: “We have considered all the options and we thought Brait’s offer was the best deal.

“It gives us stability. They are not private equity; they are long-term investors and they are going to hold the business for many, many years.

“They have bought into the strategy we started two years ago and they want us to go faster, not slower.”


OLX acquires largest Nigerian rival

ABN – 02/04/15 – Online classifieds marketplace OLX has acquired Tradestable, its largest competitor in Nigeria.

The acquisition extends OLX’s reach and consolidates its position as the leading classifieds platform in Nigeria.

Since entering the Nigerian market in August 2013, OLX has become one of the country’s most popular trading platforms thanks to its incomparably diverse range of products, from baby products to houses.

It is designed to give sellers direct access to customers, who can make purchases using their smartphones.

But it’s not all good news – OLX has recently come under fire for its lax control on transactions, which has allowed fraud to take place.


Carrefour announces African expansion plans

ABN – French supermarket chain Carrefour has announced plans to launch a network of new stores in Africa.

The company’s owner Majid Al Futtaim has set its sights on a broader growth strategy for Carrefour.

Carrefour holds more rights for outlets in Africa than it does in the countries it currently operates in.

It has already launched its first outlet in Kenya, which will connect to the Two Rivers Mall in Nairobi.

The company has also recently launched a new website that allows shoppers to acquire groceries online and collect in store.


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