Tarocash has just been bought by African clothing retailer Foschini

Photo: William West/AFP/Getty Images

The Retail Apparel Group including its Tarocash stores has just been bought by Africa’s leading fashion lifestyle retailer The Foschini Group.

The acquisition from Navis Capital, which had considered an IPO for the clothing chain, values the company at $302.5 million.

Foschini owns 22 retail brands, covering men’s and women’s clothing, homewares, jewellery, sporting and outdoor apparel, and more than 3,000 outlets in Africa and around the world and has been planning to expand to Australia for several years.

Retail Apparel Group, founded by Stephen Leibowitz 30 years ago, has 400 stores with brands including Tarocash, Connor, yd., Johnny Bigg and Rockwear.

The company says it will post double-digit increases in revenue and profit this year. Other clothing retailers have been reporting flat growth since Christmas.

The group was advised by Fort Street Advisers, EY and King & Wood Mallesons.

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