Fashion group, Mr. Price acquires a 70% stake in Studio 88.
Mr. Price has signed a R3.3bn for a 70% stake in Studio 88. The new deal will add more than 700 stores in South Africa. The deal was made in an effort to become Africa’s most valuable retail brand.
According to Business Day, “Mr. Price has reached a deal to acquire 70% of Blue Falcon Trading 188, to be funded fully through cash, acquiring a business with more than 700 stores, trading through various names, including Studio 88, SideStep, Skipper Bar and John Craig”.
The Value fashion and homeware retailer first made the announcement today. It shared that it would become the majority stakeholder of the Studio 88 Group. Mr. Price described Studio 88 as the “largest independent retailer of branded leisure, lifestyle and sporting apparel and footwear in South Africa”.
Mr. Price Group CEO Mark Blair said about the new deal, “The partnership with Studio 88 Group gives Mr. Price an ideal entry into the high-growth urban wear and athleisure segments of the market, which present us with a significant non-competing channel,” He also revealed that Mr. Price was attracted to Studio 88 because of “their deep understanding of trend-conscious South African consumers and their ability to address their needs via their various trading formats.”
Laurence Wernars, founder of Studio 88 will continue running the business with his management team. The new deal has led to many reactions on social media.
So Mr Price bought Studio 88, I hope they will keep those DJs in the stores thou pic.twitter.com/7yeffEk4Ay
— RIPMeGa (@YourBesstie) April 13, 2022
Swiping a Mr Price credit card at Studio 88 will be a massive game changer https://t.co/08I99odxBs
— Him Jong Un (@amarvillousday) April 13, 2022
I will buy at Studio 88 with my Mr Price card pic.twitter.com/oZaOeFkHsP
— Smah Yellow (@smahyellow) April 13, 2022
Since Mr Price is taking over Studio 88
Please sell genuine brands and employ South Africans
No to fake products
And please do collaborate with local designers too
— Mbuso P Siera (@mbuso_siera) April 13, 2022
