ABN – South African retailer Foschini Group will acquire Phase Eight for an estimated £300 million (US$454.7 million).
Foschini has plans to introduce the UK brand into the southern African market.
TowerBrook acquired Phase Eight in 2011 for £80 million and hired Rothschild in 2014 to conduct the sale of the brand.
Over the year ending 1 February Phase Eight generated sales of £141 million and is considered the best-selling brand in John Lewis.
Phase Eight operates 400 stores in total including 98 stores overseas from the United Kingdom.
Vist Phase Eight's website here