Fashion Retailer Deacons Agrees to Sell its Mr Price Franchise in Kenya

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The management of fashion retailer Deacons has agreed to sell its Mr Price franchise in Kenya after being approached by the Mr Price Group, based in South Africa, with an acquisition proposal.

“The proposed transaction will be subject to various conditions that include requisite approvals from regulatory authorities and the shareholders of Deacons through a shareholders’ meeting to be convened once the sale agreement has been finalized,” said the firm’s chief executive, Muchiri Wahome, in a statement yesterday.

Mr Price Group Ltd plans to purchase the Mr Price Home and Mr Price apparel brands which have been operating in Kenya since 2007, effectively ending Deacons’ 10-year franchise deal with the Johannesburg Stock Exchange-listed South African company.

The deal, if approved by regulatory authorities, will see the South African firm take over all 11 Mr Price Home and Mr Price apparel stores in Kenya.

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