HomeMarket OverviewPepkor to Acquire Furniture Business

Pepkor to Acquire Furniture Business

03-09-2024
Pepkor to Acquire Furniture Business

On Tuesday, Pepkor Holdings, the largest clothing retailer in Africa, announced that it would be buying Shoprite Holding’s House & Home and OK Furniture for an estimated R3 billion.

The Shoprite group is focusing on better growth opportunities and creating a more streamlined business.

CEO Pieter Engelbrecht said, “We found ourselves at a crossroads with the business’s future growth and profitability hamstrung by the requirement of a level of investment that would have resulted in us re-directing capital and project management resources away from that currently dedicated to our food retail operations.”

This sale will grow Pepkor’s store count by 25% to 1300.

Shoprite had a good financial year with group sales rising 12% to R240.7 billion and trading profit going up 12.4% to R13.4 billion. 

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