Power Fashion is a value-focused retailer which services low to middle-income households and offers merchandise for the whole family, retailing largely apparel but also offering basic household items, cellular products, value cosmetics and electricity.
The retailer has a national footprint in South Africa and neighbouring countries Eswatini and Lesotho, with more than 170 stores. Power Fashion’s stores are typically located in CBDs and township malls.
Background
Power Fashion was started in the 1950s by the Otto Family in eSwatini, where it traded in clothing, footware, and food. Over the past 6 decades, founders have quietly grown it to the point where a map of its stores – now numbering 170+ – show significant coverage across the Southern Africa region.
Although Power Fashion was first established in Eswatini, it moved its headquarters to Durban over the years. The retailer employs 1600+ people, and has 70,000m2 in floorspace.
Acquisition By Mr Price Group
In November 2020, Mr Price Group announced the acquisition Power Fashion. Reuters analysts peg the acquisition value at around R1.6 billion. The move received approval from South African and eSwatini competition authorities, and the deal came into effect by April 2021.
“It’s completely unknown, one of those names that have gone completely under the radar,” he said of Power. “This is a high-performing business even before Covid, its not a Covid casualty and it is not a fixer-upper.”Mr Price CEO, Mark Blair, after the acquisition
The acquisition increased Mr Price’s share of the lower end of the clothing retail market.
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