Retailability, Pepkor in R1.9bn deal

Cape Town-based retail giant Pepkor has announced its intention to purchase the Legit, Swagga, Style and Boardmans businesses from Retailability for approximately R1.9 billion in cash.

- Anathi Madubela and Suren Naidoo

Durban-based Retailability bought Legit from Edcon before it entered business rescue and later purchased the Edgars department store chain from Edcon, boosting its existing retail business significantly.

In a voluntary update on Sens, Pepkor which owns PEP, Ackermans, Refinery, Bradlows and Incredible Connection among others, said the move is to expand its market share in adult wear through organic and acquisitive growth strategies.

This is based on the group's under-indexed market position in adult wear categories compared to its dominance in babies', kids' and school wear.