Lovisa doubles footprint in South Africa

Company News

Lovisa Holdings Limited (ASX:LOV) will become the largest fashion jewellery retailer in South Africa after acquiring 21 fashion accessory stores. 
The Australian based retailer says the purchase price of the deal is $2 million with a further deferred payment of $250,000 payable in a year. 
Lovisa also expects to benefit from the assets assessed tax losses of about $850,000.  
The handover has been slated for April 1, subject to approvals, after which Lovisa plans to re-brand and refurbish the stores. 
CEO Shane Fallscheer says Lovisa is excited by the transaction in one of its most successful markets and it will continue to focus on growing other markets. 
Lovisa Holdings listed on the ASX in December 2014.