HomeMarket OverviewPepkor Buying Edgars?

Pepkor Buying Edgars?

08-12-2023
Pepkor Buying Edgars?

According to insiders, Pepkor, which owns Pep, Ackermans and Tekkie Town, is looking at acquiring 94-year-old Edgars for up to R2.4 billion.

This could help Pepkor’s next objective by adding 131 stores focused on adult fashion to the business.

Last week, Pepkor’s chief executive, Pieter Erasmus, said the company was looking to expand organically but would be open to taking over another brand “at the right price.” However, the group wouldn’t comment on the alleged purchase.

Edcon, used to own Edgars and Jet. In 2020 it was under business rescue and Retailability bought Edgars. The Foschini Group acquired Jet stores. Retailability has said there’s no deal to sell either the holding company or Edgars.

Pepkor prices have slipped 5.1% in 2023. They are the worst clothing retailer shares on the FTSE/JSE Retailers Index.

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Pepkor Buying Edgars?