South African budget retailer Mr Price Group has received all approvals to acquire retailer Power Fashion in a deal likely to top $105 million, according to a Reuters report.
The budget clothing and homeware retailer said the acquisition, which would expand its market share in budget retail, would be effective this month.
Power Fashion is the trading name of Otto Brothers Distributors Pty Ltd, which was founded by the Otto family some 65 years ago in Eswatini (then called Swaziland) as a general store that also sold clothing and footwear.
Today, Power Fashion has a national footprint in South Africa and neighbouring countries Lesotho and Eswatini, with a total of 170 stores. The chain’s stores are typically located in central business district high streets and in township malls.