Qatar’s Al Alfia Launches Bid for Australia’s Specialty Fashion Group

Qatar's Al Alfia Launches Bid for Australia's Specialty Fashion Group Patty Huntington SYDNEY-Qatar's Al Alfia Holding has launched a takeover bid for Australia's Specialty Fashion Group valuing the company at 134 million Australian dollars or $102 million at current exchange. The Sydney-based retail group confirmed Thursday that the Qatar-based investment company has made a conditional, indicative and non-binding proposal for a 70 Australian cent, or $0.50 cent, per share cash offer. The largest specialty retailer of women's fashion in Australasia, Specialty Fashion Group operates 1,066 stores in Australia, New Zealand, South Africa and the United States across the Katies, Millers, Crossroads, Autograph, City Chic and Rivers chains. Additionally, there are 29 concession boutiques within Australia's Myer department store chain for the group's strong performing plus size women's chain City Chic. Three City Chic stores operate in the UAE under license by Dubai-listed Marka Holding and the brand is also sold through Nordstrom and Macy's in the U.S. and Evans in the U.K. Specialty Fashion Group posted total sales of 826.2 million Australian dollars or $614 million at average exchange for fiscal 2016, up 4.4 percent and a net loss of 2.2 million Australian dollars, or $1.6 million, half its net loss of 2015. Online sales were up 42 percent, representing 8.8 percent of total sales. Al Alfia Holding Follow WWD on Twitter or become a fan on Facebook. Read More... Fashion 3