Wesfarmers goes digital and buys online retailer
Wesfarmers has branched out and acquired one of Australia’s oldest online retailers, Catch Group.
The Australian conglomerate bought the e-commerce platform for $230 million to reportedly further the success of their other retail operations.
They have also put in a bid for rare earths miner Lynas, which has so far been unsuccessful.
Wesfarmers CEO Rob Scott tells Ross Greenwood the sale benefits all parties.
“We’re always adapting and renewing the business, and making sure our capital is allocated where we think we can deliver good returns over the next decade.
“We bring some unique synergies and capabilities that other bidders may not be able to.”
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