Country Road acquires Politix
Politix has 75 stores, including 31 concessions across Australia and FY2016 sales of A$56 million.
The proposed acquisition will be funded through internal resources and is expected to be immediately EPS accretive. Woolworths said the acquisition is consistent with WHL’s southern hemisphere strategy of building a strong and diversified portfolio of iconic brands.
Politix will add to WHL’s existing Australian stable which includes David Jones, Country Road, Witchery, Trenery and Mimco.
“The acquisition of Politix is a logical acquisition that will deliver value for WHL’s shareholders,” said Ian Moir, CEO, WHL. Politix will extend WHL’s menswear offering in Australia and in time we expect to roll out the brand in David Jones and into New Zealand.”