South African retail chain Woolworths Holdings has acquired Australian fashion retailer Politix.
The deal is worth around $60m, reported Smh.com.au.
Woolworths previously stated that the acquisition will be funded with its own resources, reported Reuters.
The deal was finalised by its subsidiary Country Road Group.
This is Woolworth’s fifth such acquisition in Australia following its purchase of David Jones, Mimco, Trenery and Witchery.
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In 2014, Woolworths paid $2.2bn to acquire David Jones.
Politixh was established 40 years ago and bought by CEO Peter Sitch in 2006.
When Sitch bought the chain, it had 16 stores, which he expanded it to 75 stores across Australia in the last one decade.
Woolworths chief executive Ian Moir was quoted by Afr.com as saying: “The acquisition of Politix is a logical acquisition that will deliver value for WHL's shareholders.
“We are delighted to welcome the Politix team to our business. Politix CEO Peter Sitch and his team have done a fantastic job over the past ten years growing the company to become the success story it is today and we look forward to Peter and his management team driving the next phase of the brand's growth.”
Politix had posted revenues of $56m in 2016.
