Country Road Group, a subsidiary of Australian retailer Woolworths Holdings is acquiring Politix, a retailer of Australian designer menswear, which will be funded through internal resources. Politix offers designer apparel to men aged 18 to 35, while managing 75 stores, including 31 concessions across Australia and posted fiscal 2016 sales of Au $56 million.
The Politix acquisition is consistent with Woolworths southern hemisphere strategy of building a strong and diversified portfolio of iconic brands and is being added to its portfolio that already includes David Jones, Country Road, Witchery, Trenery and Mimco.Country Road Group, a subsidiary of Australian retailer Woolworths Holdings is acquiring Politix, a retailer of Australian designer menswear, which will be funded through internal resources. Politix offers designer apparel to men aged 18 to 35, while managing 75 stores, including 31 concessions across Australia and posted fiscal 2016 sales of Au $56 million.#
“The acquisition of Politix is a logical acquisition that will deliver value for Woolworths' shareholders,” Woolworth CEO Ian Moir said. “Politix will extend our menswear offering in Australia and in time we expect to roll out the brand in David Jones and into New Zealand.” (AR)
Fibre2Fashion News Desk – India
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