{"id":7427,"date":"2021-03-31T17:28:13","date_gmt":"2021-03-31T17:28:13","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/?p=7427"},"modified":"2021-03-31T16:45:27","modified_gmt":"2021-03-31T16:45:27","slug":"mr-price-gets-the-green-light-to-acquire-power-fashion-retailer","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/mr-price-gets-the-green-light-to-acquire-power-fashion-retailer","title":{"rendered":"Mr Price gets the green light to acquire Power Fashion retailer"},"content":{"rendered":"

Africa-Press<\/a> – South-Africa<\/a>. <\/strong><\/span>DURBAN – THE JSE-LISTED clothing and home goods retail company Mr Price Group was given the green light to acquire value-focused and cash-based retailer Power Fashion after meeting all the regulatory conditions in South Africa and eSwatini.<\/p>\n

The acquisition was first announced in November last year and is effective as of tomorrow and it is Mr Price\u2019s first acquisition in nearly 30 years.<\/p>\n

Mr Price Group chief executive Mark Blair said yesterday Power Fashion fits in well with the group as both companies shared a similar entrepreneurial culture.<\/p>\n

\u201cI am really excited about the opportunities that exist for Power Fashion, which is a quality business.<\/p>\n

\u201cHowever I am more excited about welcoming new associates to the Mr Price Group. We enjoy a similar entrepreneurial culture and the fit will be excellent,\u201d Blair said.<\/p>\n

Power Fashion operates 173 stores across southern Africa and is servicing low- to middle-income households.<\/p>\n

\u201cIt offers merchandise for the whole family, retailing largely apparel merchandise.<\/p>\n

\u201cIt focuses on the deep value segment of the market and its price positioning is strongly aligned to its target customer base,\u201d the group said.<\/p>\n

The acquisition comes after Mr Price undertook strategic research last year and identified opportunities for growth in South Africa, both organic and acquisitive.<\/p>\n

Mr Price opted for the Power Fashion acquisition after having considered a number of opportunities, and it said in Power Fashion the group would acquire a business that met each of these closely researched criteria.<\/p>\n

The group said the price-value market in the apparel segment in which Power Fashion operated was one such segment with attractive growth potential.<\/p>\n

Power Fashion\u2019s value focused business that predominantly trades in cash and aligned to its core capabilities caught the attention for Mr Price.<\/p>\n

Mr Price said the acquisition also fit within the group\u2019s capital allocation strategy and its bolt-on in nature, with the size of the transaction currently 3 to 4 percent of market capitalisation.<\/p>\n

Mr Price values Power Fashion as a high performing business with a strong track record, eliminating the need for any turnaround strategy and avoiding the associated management distraction and integration costs.<\/p>\n

The group said the acquisition was immediately earnings accretive and not dependant on synergies and it had significant growth opportunities, with a strong management team to maintain focus and ensure continuity for the business.<\/p>\n

Power Fashion\u2019s majority shareholder and chief executive Noel Otto will retire tomorrow, but he will consult to the newly appointed Power Fashion managing director for a certain time to provide continuity while the existing Power Fashion management team and employees will transfer to the Mr Price Group tomorrow.<\/p>\n

Mr Price said it would incorporate Power Fashion\u2019s financial performance in its financial year 2022 trading update in August.<\/p>\n

Mr Price shares closed 1.95 percent lower at R194.25 on the JSE yesterday.<\/p>\n

[email protected]<\/p>\n

BUSINESS REPORT<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. DURBAN – THE JSE-LISTED clothing and home goods retail company Mr Price Group was given the green light to acquire value-focused and cash-based retailer Power Fashion after meeting all the regulatory conditions in South Africa and eSwatini. The acquisition was first announced in November last year and is effective as of tomorrow […]<\/p>\n","protected":false},"author":84,"featured_media":7426,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,315,275],"class_list":["post-7427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nMr Price gets the green light to acquire Power Fashion retailer - South Africa<\/title>\n<meta name=\"description\" content=\"DURBAN - THE JSE-LISTED clothing and home goods retail company Mr Price Group was given the green light to acquire value ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/mr-price-gets-the-green-light-to-acquire-power-fashion-retailer\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mr Price gets the green light to acquire Power Fashion retailer\" \/>\n<meta property=\"og:description\" content=\"DURBAN - 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