The South Africa-based fashion retailer is acquiring the UK footwear company for 256 million pounds. Truworths confirmed they are acquiring Office, a UK-based retail chain marketing men’s and women’s shoes in roughly 150 stores in the UK. Along with standalone stores, Office has concessions in UK retailers Selfridges, Topshop and House of Fraser. This deal represents the entry of the South Africa-based retailer into the northern hemisphere markets. The UK-based footwear retailer is “highly attractive” for Truworths whose management re-affirmed the intention to further enhance its “strong prospects of growth”. According to the South Africa- based retailer, Office, whose ecommerce business is expanding rapidly and consistently, will be a platform for category and range extension. Truworths is expected to fund the acquisition through a combination of cash, loans and revolving credit facilities in the UK. The acquisition is subject to final approval from the South African Reserve Bank.
