The firm Wednesday announced that it had formally ceded control of the South-Africa based fashion brand for which it expects to get an undisclosed payoff.
Deacons will now concentrate on its other international brands which include F&F, Adidas, Deacons Kids, Bossini, 4U2, Truworths, and LifeFitness.
Mr Price will take full ownership of its outlets in Kenya after buying out Deacons franchise operations in East Africa that started in 2007.
Fashion retailer Deacons East Africa is set to launch an e-commerce platform and expand international brands under its portfolio to replace the Mr Price franchise.
The firm Wednesday announced that it had formally ceded control of the South-Africa based fashion brand for which it expects to get an undisclosed payoff.
“We will continue to bring relevant brands to market. The directors have also decided to re-launch the Deacons label in order to have more control in its supply chain and focus on penetrating lower segments of the market. This coupled with an imminent launch of an e-commerce platform will ensure sustainable growth for the group,” said Deacons chief executive Muchiri Wahome in a statement.
Deacons will now concentrate on its other international brands which include F&F, Adidas, Deacons Kids, Bossini, 4U2, Truworths, and LifeFitness.
Mr Price will take full ownership of its outlets in Kenya after buying out Deacons franchise operations in East Africa that started in 2007.
Deacons was previously the exclusive local franchise holder of the Mr Price clothes brand and Mr Price Home.
Shareholders approved the disposal of Mr Price brand Last month.
