South African Retail Giant Buys Majority Stake In Studio 88

South African retail giant, Mr Price, has acquired a majority stake in leisure and sporting goods company Studio 88 Group, the owner of private labels such as SideStep, John Craig and Skipper Bar.

Studio 88 currently operates more than 700 store locations in South Africa, in addition to the neighboring countries of Botswana, Namibia, Lesotho, Zambia and Mozambique. The company’s network of stores sells several popular brands such as Adidas, Converse, Superga and Vans.

The company’s footprint along with its product offerings, make it “an ideal entry into the high-growth urban wear and athleisure segments,” said 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,” he added.

The deal will also help boost its annual revenue to 28 billion rands and its store footprint to 2,400 stores.

Under the terms of the deal, Mr Price will acquire 100% of RMB Ventures’ stake in Studio 88’s parent company. The company will also buy 50% of shares from Studio 88’s parent company Blue Falcon.

Studio 88 founder Laurence Wernars will retain his position, managing the business and various management teams.

Originally published at https://retailbum.com on April 19, 2022.