Foschini Group to acquire Phase Eight
South African clothing retailer The Foschini Group has entered into an agreement to buy UK fashion retailer Phase Eight from TowerBrook Capital.
In a deal worth £238 million, Foschini will acquire around 85% of Poppy Holdco Limited which trades as Phase Eight. The remaining 15% of the company will be owned by Phase Eight management.
Foschini said the acquisition will create a potential platform for the group to expand into overseas markets.
Founded in 1979, Phase Eight has 107 stores and 203 concessions throughout the UK and Ireland. It also has 15 stores and 113 concessions in 16 international market including Germany, Switzerland, Sweden, the Netherlands, the Middle East, Hong Kong, Singapore, Malaysia and Australia.
With over 2,100 stores across Africa, Foschini has portfolio of 17 retail brands that cover clothing, footwear, jewellery, sportswear, mobile phones and technology, and home stores.
