South African retailer Woolworths has made A$213m (US$200.20m) bid to acquire the 12% stake held by Melbourne-based billionaire Solomon Lew in Australian clothes retailer Country Road.
The retailer noted that this acquisition is next step from its proposed bid for David Jones and noted the synergy benefits of such an outcome.
Earlier in 1997, Woolworths planned to buy stake in Country Road, however it failed after Lew bought a stake in the clothing retailer.
In recent weeks, Solomon Lew has bought a strategic stake in David Jones, Australia’s second largest retailer.
Country Road has 68 free standing stores and 77 department store concessions. The company produces women’s clothing, footwear & accessories; men’s clothing, footwear & accessories; children’s clothing; and homewares.