East African fashion house, Deacons, has agreed to sell one of its franchises, Mr Price.to South African based Company, Mr Price Group.
The sale is to South African based Company, Mr Price Group.
Fashion house in Kenya 11 years
The proposed sale is subject to various conditions. They include necessary approvals from regulatory authorities. Deacons’ shareholders will also have a say. A meeting is set to be convened once the sale is finalised.
If approved, Mr Price group will fully own and operate Mr Price apparel and Mr Price Home. The franchise has been operating in Kenya for 11 years.
Since its venture in Kenya, Mr Price has opened 11 stores in Kenya.
Deacons operate other brands including F&F, Bossini, Adidas, 4u2, Truworths and LIfefitness brand.