Foschini, a giant South African retailer that specializes in women clothing on Friday 17 January 17, 2015 announced that it had acquired a holding company of British retailer Phase eight for the cost of 238 million pounds – a deal which will give Foschini admission to European markets.
In a statement, Foschini said, “The Foschini Group announces it has entered an agreement to acquire 85% of Poppy Holdco Limited, which trades as Phase eight.”
The giant retail purchased an entire stake from a US private equity business entity TowerBrook capital partners, which will absolutely depart from the business.
Foschini mentioned that Phase Eight, a fashion retailer which sold clothing, footwear and accessories for women, had made 18.9% average sales growth for the past five years.
Foschini is so far the biggest retailer which sells Adidas and Nike products in South Africa.