Lovisa snaps up SA stores

LovisaAustralian jewellery chain, Lovisa, has purchased 21 fashion accessory stores in South Africa.

Though the name of the acquired company has not been disclosed, Inside Retail believes it to be Zuri, which was launched in December 2013.

The majority of stores will be rebranded to Lovisa following the April 1 handover.

Lovisa paid $2 million for the chain, with a further $250,000 payable in April 2016.

Shane Fallscheer, Lovisa CEO, said the transaction will take Lovisa to more than 50 stores in South Africa quickly, making it the largest fashion jewellery retailer in the country and providing a national footprint.

“This places Lovisa well ahead of our growth forecasts and enables us to continue to look for opportunities in South Africa while moving our focus to other markets, both company owned and franchised,” Fallscheer said.

Stores are expected to be refitted and rebranded within three months of the purchase, at a coast of $57,000 per store.

Five of the 21 stores are earmarked for closure within the first six month as a result of weak locations.Screen-Shot-2015-03-26-at-9.18.57-am


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