The Competition Tribunal yesterday approved the merger of Mr Price’s acquisition of the business of Blue Falcon trading as Studio 88.
In April, Mr Price announced that it was acquiring 70 percent of the ownership of the Studio 88 Group which includes the SideStep, John Craig, Skipper Bar brands, for R3.3 billion.
The Tribunal confirmed that it gave the companies the go ahead for the merger.
“The Tribunal has concluded that the proposed merger is unlikely to result in any substantial prevention or lessening of competition. In addition, there are no public interest concerns,” it said.
Mr Price is a South African retailer that sells predominantly private label merchandise and operates through physical stores and its e-commerce platforms.
Its retail store brands include Mr Price (Apparel), Mr Price Sport, Mr Price Home, Miladys, Sheet Street and Power Fashion. Mr Price also has a private store label credit offering, MRP Money.
Studio 88 is a branded sports-lifestyle, “athleisure” oriented clothing apparel, footwear and accessories retailer. It sells international sporting, leisure and lifestyle brands to various emerging market consumer segments throughout sub-Saharan Africa.
BUSINESS REPORT