Mr Price Eyes Additional Foreign Market After European NKD Entry
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South African clothing/homewares retailer Mr Price could enter one more international market after Europe expansion no worldwide footprint plans chairman Nigel Payne said Tuesday. Expects close NKD Group German discount retailer purchase this month tapping faster-growing value retail demand Europe discount segment outpacing apparel sales. Board narrowed long-term offshore M&A focus two regions priority Central/Eastern Europe 10-20 year growth platform potentially Southern Europe.
CEO Mark Blair identified another highly attractive territory move only conditions right undisclosed. Chairman/CEO stressed no global shopping spree Mr Price SA dealmaking largely complete no immediate transactions. NKD 2024 net sales €712M EBIT margin 4%.
European business aims €1B ($1.2B) annual sales double-digit operating margin 2030 driven store openings expansion Germany Poland Italy tight cost control. ($1 = €0.8680).
