Woolworths all set to buy Australian menswear label Politix

The South African apparel giant announced Wednesday it is all set to acquire men's fashion brand Politix through its subsidiary, Country Road Group.

Although no financial details have transcended, David Jones’ parent group further explained that the acquisition will be funded using its own resources and is expected to immediately increase the company's earnings per share.

Woolworths has embarked on a shopping spree across Australia, having bought a portfolio of brands that includes David Jones, Witchery, Trenery and Mimco in the last couple of years. The South African company bought department store chain David Jones in 2014 in a 2 billion dollars deal that gave the Australian retailer the financial firepower to ramp up its online offerings and in-store label, recalls Reuters.

According to data collated by the ‘Business Insider’, Politix has 75 stores, including 31 concessions, across Australia, and had full-year 2016 sales of 56 million Australian dollars (around 42.70 million US dollars).