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Home General news General

The Foschini Group buys Australian menswear retailer

Town Press by Town Press
May 25, 2017
in General
Reading Time: 1 min read
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The Foschini Group buys Australian menswear retailer
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JOHANNESBURG  – South African retailer The Foschini Group(TFG)P has agreed to buy Australia’s Retail Apparel Group (RAG) for a maximum of 302.5 million Australian dollars ($226.78 million), the company said on Thursday.

TFG, which owns British fashion retailers Phase Eight and Whistles, said it would pay cash for RAG and would retain the company’s current management.

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RAG, established in 1987, has 400 stores which sell mostly mid-range to low-price menswear.

The price will be the lower of 302.5 million Australian dollars or seven times the company’s earnings for the year to end-June, TFG said in a statement.

 

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