Australian menswear retailer Politix acquired by Woolworths Holdings
The South African firm, operated by Solomon Lew, said the purchase is in line with Woolworths Holdings' strategy of building a strong and diversified brand portfolio across the southern hemisphere.
“The acquisition of Politix is a logical acquisition that will deliver value for WHL’s shareholders,” said Ian Moir, CEO of Woolworths Holding Limited.
"Politix will extend Woolworths Holdings Limited's menswear offering in Australia and in time we expect to roll out the brand in David Jones and into New Zealand.”
The proposed acquisition will be funded through internal resources and is expected to be immediately EPS accretive. However, the agreement is subject to the fulfilment of certain conditions. The company has declined to disclose its offer price.
Selling suits and formalwear, Politix recorded $56 million (US$42.65 million) in sales for fiscal 2016. It boasts 75 stores, including 31 concessions across Australia.
Politix will join David Jones, Country Road, Witchery, Trenery and Mimco as official Woolworths Holdings brands.
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