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South African fashion retailer Truworths International said on Monday it has entered into an agreement to buy an 88.9% stake in Britain’s Office Retail Group for R5.5 billion ($382 million).

 

The British retailer’s management will retain an 11.1% stake in Office. Truworths has the option to buy that stake within three to five years, it said in a statement.

 

Office, a footwear retailer with 150 stores, would be Truworths’ first foray into Europe.

 

Shares in Truworths traded down 0.8% at R95.25 by 0740 GMT, while the Johannesburg Securities Exchange’s All Share index was flat.