JOHANNESBURG Oct 5 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
No financial details were provided.
Woolworths has expanded in Australia, having bought a
portfolio of brands that includes David Jones, Witchery, Trenery
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
($1 = 1.3115 Australian dollars)
(Reporting by Nqobile Dludla, editing by Louise Heavens)