Kaya 959 Reporter
Mr Price is acquiring a major stake in the Studio 88 group for an estimated price of R 3,3 billion.
According to Business Tech, RMB Ventures and the current management of the Studio 88 Group have agreed to sell 70 per cent of Blue Falcon, which controls the Studio 88 group of enterprises, to Mr Price for R3.3 billion.
The deal will be completely funded using the group’s existing cash resources, according to a statement released on Wednesday (13 April).
The Studio 88 Group is a South African independent retailer of branded leisure, lifestyle, and sporting apparel and footwear, with R5.6 billion in revenue for the fiscal year ended September 2021.
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It’s a family-owned company that’s been doing business in Southern Africa since 2001.
Mr Price is buying the Studio 88 group of businesses (Studio 88, SideStep, Skipper Bar, John Craig and others – 700 stores in total). It’ll pay R3.3 billion in cash for a 70% stake.
— Nick Hedley (@nickhedley) April 13, 2022
Mr Price Group CEO Mark Blair says the new partnership will give Mr Price a great opportunity to enter the fast-growing urban wear and athleisure market.
“The partnership with Studio 88 Group gives Mr Price an ideal entry into the high-growth urban wear and athleisure segments of the market, which presents us with a significant non-competing channel,” he said.
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