South African fashion retailer Truworths is eyeing up footwear brand Office, and is in talks with the company‘s owner, Silverfleet Capital, to buy.
A takeover price is estimated at around £300m although Truworths has neither confirmed nor denied this amount.
“No binding offer has been made and neither has any transaction been concluded with Office or its shareholders,” the company said in a statement to shareholders.
A deal would mark the latest in a round of South African investments into offshore markets, as retailers in the region make concerted efforts to expand overseas to offset the stagnant local economy. In January, the Foschini Group spent £140m on British clothing retailer Phase Eight, and in June, investment vehicle Brait acquired