Specialty Fashion Group (SFG) has bought the Australian unisex apparel retailer, Rivers, for $5 million.
The acquisition includes all of Rivers’ assets, including its 160 stores nationally.
The group said the purchase complements its current portfolio, which includes Millers and Katies.
SFG operates 900 stores Australia-wide. It also owns the chains City Chic, Autograph, and Crossroads.
This is its first unisex acquisition, with Rivers selling value driven apparel and shoes for men, women, and children.
SFG said it intends to leverage its existing female-heavy audience of seven million customers.
“Research shows that Rivers is the favourite footwear brand of Millers’ customers,” said a press statement.
“Almost 50 per cent of mens’ clothing purchases are made by women, giving the group [an] unique opportunity.”
The tide changes
Rivers was founded in the 1980s and has faced its fair share of scrutiny in the last few years.
The chain was linked to unethical sourcing methods in Bangladesh as part of an ABC Four Corners investigation this year.
Its sole director and owner, Philip Harry Goodman, has also been dogged by sexual harassment complaints since 2011.
SFG says all of River’s employees will be offered employment with the retail group.