South African retailer Mr Price Group Ltd. agreed to buy Studio 88 Group, which stocks brands such as Adidas, Asics and Puma, to expand into more upmarket clothing.
The Durban-based specialist in mid-range apparel, sports goods and homeware will pay 3.3 billion rand ($228 million) in cash for a 70% stake in Studio 88’s owner Blue Falcon Trading 188, according to a statement Wednesday. The seller is FirstRand Group Ltd.’s RMB Ventures and Studio 88’s management.
