Invest
Big new push for ASX-listed retail giant
In good news for investors, Wesfarmers Limited has announced the purchase of Catch Group for $230 million.
Big new push for ASX-listed retail giant
In good news for investors, Wesfarmers Limited has announced the purchase of Catch Group for $230 million.
Wesfarmers has announced the purchase of digital retailer Catch Group for $230 million. Other big names in its group include Kmart and Target.
The company, which demerged from Coles in 2018, stated that Catch would run independent of all other brands but would report to Kmart managing director Ian Bailey.
Wesfarmer managing director Rob Scott said the acquisition is consistent with the company’s focus on building its data and digital capacities.
“This acquisition represents an opportunity to accelerate Wesfarmers and Kmart Group’s digital and e-commerce capabilities whilst continuing to invest in the unique customer and supplier proposition provided by Catch Group,” said Mr Scott in a statement to the ASX.
Kmart Group’s managing director, Ian Bailey, believes Catch was built on its technology platform and data capabilities.
“We are excited to work with the Catch team and look forward to leveraging our capabilities to grow the business and accelerate the customer-driven, omni-channel initiatives across Kmart and Target,” said Mr Bailey.
Catch Group managing director and CEO Nati Harpaz said the Catch team is looking forward to working with Kmart Group for the benefit of Catch’s business partners and customers.
“Catch will continue to deliver online innovation in the online market in Australia, with the focus of delivering great value and savings to our customers,” said Mr Harpaz.
Approval of the deal is subject to the Australian Competition and Consumer Commission clearing the merger.
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