Advertise with fastmoving.co.za
 
 

Spar grabs stake in namesake Swiss brand
Spar grabs stake in namesake Swiss brand

Spar grabs stake in namesake Swiss brand

RETAILER NEWS

IOL Business - Mar 10th 2016, 10:46

Johannesburg - Spar Group has agreed to buy a majority stake in the company that owns the brand in Switzerland as the South African food and liquor retailer seeks to boost growth outside its home market. 

Spar will buy 60 percent of Spar Switzerland for 44.5 million Swiss francs (R678m), the company said yesterday (9 March).

The sellers will keep the remaining 40 percent for at least five years.

“The acquisition represents an opportunity for the company to invest in an established business in a stable market with growth potential,” Spar said.

“It will allow the company to enhance its scale and provides further foreign currency diversification benefits.”

South African retailers including Truworths International and The Foschini Group have been expanding outside their home market to offset weak domestic consumer confidence and generate sales in currencies other than the rand.

In 2014, Spar bought the company that owns the brand in Ireland and south-west England.

The Spar brand was founded in the Netherlands in 1932 and has more than 12 000 retail stores across 40 countries.From © Independent On-line 2016. All rights reserved. 

Related News

Exclusive leases must fall: Commission cracks whip on Shoprite, Pick n pay, Spar, Woolies
26/11/2019 - 09:57
The Competition Commission Inquiry into Grocery Retail, published on Monday, called for an end to the exclusive leases negotiated by national retail chains in all shopping malls across the country in a bid to open up access to markets for smaller players.

Spar sees big jump in profit as consumers turn to store labels and alcohol
13/11/2019 - 11:43
Listed retailer Spar has published its financial results for the full year ended September 2019, reporting an 8.4% jump in revenue, with operating profits up 7.2% despite tough conditions across its operations.

Regulation of online and mobile gambling in Africa must gather pace
29/10/2019 - 10:20
The gambling industry in Africa has been busy recently following the ICE Africa and Big African Summit events. These explored the current state of legal gambling within the continent and included conferences by established industry professionals.

Pick n Pay unveils its revamped "On Nicol" flagship store
18/10/2019 - 10:59
Pick n Pay’s flagship store On Nicol officially welcomed customers after a comprehensive revamp. The refurbished store has an exciting array of new offerings with the very best in retail concepts developed in South Africa and from around the world. Customers can expect an enhanced fresh food experience, a huge focus on product quality, a much-improved range, innovative third-party services, and refreshed customer service.

Consumers drink while retailers keep the tills active and lights on
10/09/2019 - 11:19
One in five South Africans is unemployed and economic growth remains anaemic, but retailers manage to grow, demonstrating that they still have some defensive qualities.