Famous Brands Acquires 51% of Retail Group (Pty) Ltd, Botswana Launching New Era in Growth Strategy
Johannesburg; Tuesday, 23rd June 2015: Famous Brands has acquired a 51% controlling stake in Retail Group (Pty) Ltd, Botswana (“Retail Group”), the Group’s Master License partner in Botswana, marking the commencement of a new thrust in Famous Brands’ strategic growth programme.
Group Chief Executive, Kevin Hedderwick, explains, “This transaction aligns with our deliberate approach to either acquire or take a controlling stake in existing Master License territories in neighbouring countries whereby we can exercise complete influence over our brands. In addition, we want to test our mettle in company-owned stores in advance of a potential broader foray into that arena. This transaction provides us with the opportunity to achieve both goals at minimum risk.”