Lewis Stores sets its sights on richer consumers with UFO deal
19 October 2017 - 07:53
Lewis Stores is acquiring the United Furniture Outlets (UFO) chain for R320m, the JSE-listed furniture retailer said on Thursday morning. Lewis will buy the 30-store chain for cash from its founder Philip Glick, manager Michael Yapanis, and investors Martini Enterprises Group and LFC Trust. Lewis, the traditionally downmarket furniture chain, said the deal would help it expand into the most affluent band of South African consumers, defined as living standards measure (LSM) nine and 10 by the South African Advertising Research Foundation.
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