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

Foschini acquires Phase Eight for £300m

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


Truworth International retail sales rocket

ABN – Truworths International’s (JSE: TRU) retail sales for the final half of 2014 increased 5.2% to R6.2 billion (US$537.9 million).

Around 70% of retail sales came from credit sales, which grew by 5.4%, and cash sales grew by 4.7% over the period.

Trading space increased by 6.9% and product inflation averaged at 5.8% but like-for-like retail sales declined by 0.8%.

Over the period the trade receivables book increased by 8.5% to R5.4 billion.

Interim results for the company are due to be released on 19 February 2015.


Godrej Consumer Products acquires Frika Hair

ABN – Godrej Consumer Products has entered into an agreement to acquire South African hair extensions business Frika Hair.

Frika Hair has a strong presence the Western Cape, Eastern Cape and Gauteng regions of South Africa.

It sells hair products including braids, synthetic weaves, human hair weaves, wigs and hair-pieces.

Godrej managing director Vivek Gambhir said: “With its quality range of premium hair extensions, the Frika range of hair extensions provides a strong complementary addition to our Darling masstige portfolio.

“This acquisition reflects our continued commitment to scaling up our presence in Africa and providing African consumers with a wide range of superior quality products at affordable prices.”

Last year Frika Hair had net sales of around R73 million (US$6.2 million).

Image credit: Bella Wigs


This Month's Issue

ABN v4i2 web

Subscribe to our newsletter


Featured Companies Across The Network