South Africa's Foschini buys Britain's Phase Eight

by Reuters 11 views0

South Africa's Foschini Group said on Friday it had bought the holding company of British retailer Phase Eight.

The purchase was made for 238 million pounds (361 million dollars), a deal that gives it access to European markets.

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“The Foschini Group announces it has entered into an agreement to acquire 85 percent of Poppy Holdco Limited, which trades as Phase Eight,” the company said in a statement.