Foschini buys UK's Phase Eight for £238m

Johannesburg - The Foschini Group [JSE:TFG] said on Friday it had bought the holding company of British retailer Phase Eight for £238m a deal that gives it access to European markets.

"The Group announces it has entered into an agreement to acquire 85% of Poppy Holdco, which trades as Phase Eight," the company said in a statement.