South African retailer Woolworths Holdings, the owner of David Jones and Country Road, is set to add Politix, another Australian brand, to its mix.
The Country Road Group, a wholly owned Woolworths Holdings' (WHL) subsidiary, has entered an agreement to buy the designer menswear chain with 75 stores across Australia, including concession outlets inside Myer department stores.
WHL's planned acquisition is not expected to change this in-store arrangement, given its other Australian brands, Country Road and Mimco, also have outlets in Myer stores.
The planned acquisition is part of WHL' strategy to build a diversified portfolio of iconic brands in the southern hemisphere, which also includes Witchery and Trenery.
Its chief executive, Ian Moir, says he plans to roll out Politix inside David Jones stores and into New Zealand.
However, the agreement is subject to the fulfilment of certain conditions. The company has declined to disclose its offer price.
Politix, which targets fashion-conscious men aged 18 to 35, with former Liverpool FC and Socceroo star Harry Kewell as its key ambassador, made $56 million in sales in 2015/16.
Its chief executive, Pete Sitch, said WHL will provide the best platform to grow the brand domestically and for future international expansion.
