South Africa’s Woolworths to buy Australian men’s fashion retailer politix
South Africa’s Woolworths Holdings plans to buy Australian men’s fashion brand Politix through its subsidiary, Country Road Group, the retailer said on Wednesday.
Woolworths, which sells upmarket food and clothing, said the acquisition will be funded using its own resources and is expected to immediately increase the company’s earnings per share. No financial details were provided.
Woolworths has expanded in Australia, having bought a portfolio of brands that includes David Jones, Witchery, Trenery and Mimco.
The South African company bought department store chain David Jones in 2014 in a $2 billion deal that gave the Australian retailer the financial firepower to ramp up its online offerings and in-store label.
Politix has 75 stores, including 31 concessions, across Australia, and had full-year 2016 sales of A$56 million ($42.70 million).