|Industry||General Clothing Stores|
|Headquarters||Durban, South Africa|
|Area served||South Africa and Selected Emerging Markets|
|Revenue||R8.8 Billion(FY 2009)|
|Operating income||R827 Million(FY 2009)|
Mr. Price is a publicly traded retail company based in South Africa. Founded in 1885, it has been traded on the Johannesburg Securities Exchange since 1952. The store has changed names several times since 1885, including John Orrs and Hub. The first Mr. Price opened in 1987 after the current owners bought a controlling interest in John Orrs. Stores are located in Namibia, Botswana, Kenya, Tanzania, Malawi and South Africa. Retail sales surpassed 5 billion rand in 2007.
"'The first Mr Price store was opened in an old Bakers Biscuit warehouse in Durban in 1985. Its founders, Laurie Chiappini and Stewart Cohen had a vision of creating factory shops that stocked fashionable clothing at reasonable prices.
The following year, Chiappini and Cohen formed a consortium with BoE to buy the ailing John Orr's business. This included the John Orr's department stores and their two niche fashion chains Milady's and The Hub.
Less than 12 months later, the John Orr's department stores had been disposed of, and the capital this freed up was used as the base for a new company, initially called Speciality Store Company (Storeco), which included a growing number of Mr Price outlets.
Storeco was listed on the JSE in 1989, and two years later Chiappini and Cohen bought out BoE's stake in the business.
In 1996 Storeco acquired the jeweller Galaxy & Co. and the home textiles chain Sheet Street. The group launched its first Mr Price Home store in 1998.
The group was re-named Mr Price in 2001, reflecting the fact that its Mr Price outlets had become the most profitable part of its operations. In 2005 Galaxy & Co. and The Hub were sold to their respective management teams.
Mr Price Sport was established in 2007.
|This South African corporation or company article is a stub. You can help Wikipedia by expanding it.|