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Edgars’ owner Retailability has gone on an acquisition spree, buying up Tread and Miller and children’s clothing retailer Keedo, in a sign the once troubled ‘red store’ is firmly back to profitability.
Retailability CEO Norman Drieselmann confirmed to Moneyweb that the group has acquired Tread and Miller, a high-quality footwear and accessories retailer which shuttered its doors in January.
“I can confirm that we’ve bought Tread and Miller as well, a brand from Cape Union [Mart],” he said, adding that the companies were in discussions about the “carve out process,” of the brand’s separation from its former parent.
The values of the deals remain undisclosed.
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“We’re quite excited about bringing these South African brands, especially Tread and Miller, back into the retail market, like we did with Aca Joe,” Drieselmann said.
This week, Retailability also announced that it has acquired Keedo.
The acquisitions are amongst the retail group’s largest since it rescued Edgars from the brink of collapse in 2020 when it was thrust into business rescue.
Last year, alongside Aca Joe, it brought Hilton Weiner, Urban and Veritgo back into its Edgars stores.
The acquisition of Keedo, which was also previously owned by Cape Union Mart, one of South Africa’s biggest unlisted clothing retailers, will see Retailability add 20 stores to its network.
Keedo’s stores are located in Gauteng, Polokwane, Nelspruit, Durban, Pietermaritzburg, East London and Cape Town.
Kids clothing
Since it opened its doors in 1993, Keedo (founded by Nelia Annandale) has grown its brand to become synonymous with quality children’s clothing.
During the inception of the brand, Annandale was inspired by her twins to develop a product that would “serve the children of the world”, the company said.
Speaking about the new addition to Retailability’s stable, Drieselmann said Keedo is a wonderful fit to the company’s portfolio, which already has the likes of Legit, Swagga, Beaver Canoe, Style and Edgars Beauty.
Read: Can Woolies turn around its ailing clothing business?
“Our core focus is on creating good value for our fashion-conscious customers, without compromising on quality and this acquisition allows us to deliver on that intent,” Drieselmann said.
“I am truly excited to welcome this great South African brand into our group,” he added.
Drieselmann said the addition of Keedo reinforces Retailability’s strategy, that is focused on supporting and building local brands.
“We continue to strive to serve all South Africans with affordable, good quality fashion,” he said.
Edgars turnaround
Having safely steered the ship at the once beleaguered Edgars, the company now plans to use its muscle of turning brands around to grow Keedo.
“We remain optimistic about retail in Africa and this investment is another sign of that mindset,” Drieselmann said.
The Durban-headquartered retail group, founded in 1984, has a footprint of more than 580 stores across Southern Africa, of which its core base is in South Africa. Its stores are also spread across Namibia, Botswana, Lesotho and Eswatini.
Part of the group’s core strategy is delivering authentic and affordable fashion and beauty to the markets in which it operates.
Listen to Drieselmann speaking about the Edgars turnaround in this SAfm Market Update with Moneyweb interview (or read the transcript):
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