Top labels taken over by Foschini

AUSTRALIAN men’s apparel brands Tarocash, Connor and yd. have fallen into foreign hands.

South African retailer The Foschini Group has struck a deal to buy the brands’ parent company, the Retail Apparel Group, for $302.5 million.

Retail Apparel, which has more than 400 stores across the Tarocash, Connor, yd., Johnny Bigg and Rockwear brands, was planning to join the Australian share market this year.

The company’s major shareholder, private equity house Navis Capital, has instead agreed to sell its controlling interest in Retail Apparel while founding director Stephen Leibowitz will also sell.

Foschini chief Doug Murray said the deal marked a long-planned expansion into Australia.

Foschini has more than 3000 outlets around the world and owns 22 retail brands.