VALUE fashion and homeware retailer Mr Price announced on Wednesday that it is acquiring 70 percent of the owner of Studio 88 Group, which includes the SideStep, John Craig, Skipper Bar brands, for R3,3 billion.

Mr Price described the Studio 88 group, which operates over 700 stores, as the “largest independent retailer of branded leisure, lifestyle and sporting apparel and footwear in South Africa”. The 21-year-old group generated R5,6 billion in revenue for the financial year ended 30 September 2021.

“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 present us with a significant non-competing channel,” Mr Price Group CEO Mark Blair said.

“What attracts us to the Studio 88 group is their deep understanding of trend conscious South African consumers and their ability to address their needs via their various trading formats.”

The Studio 88 merchandise range is a mix of international brands, some under exclusive licence agreements, as well as private label ranges. – News24.com