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

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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.

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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

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