Pepkor
A South African value-retail and financial-services group whose brands sell affordable clothing, footwear, homeware, furniture, electronics, building materials and mobile services.
Last updated August 26, 2026
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Overview
Pepkor, officially Pepkor Holdings Limited, is a South African investment and holding company focused on value-oriented consumer retail and fintech. Its retail portfolio is concentrated in affordable clothing, footwear and household goods, while additional businesses sell furniture, appliances, consumer electronics, building materials and telecommunications products. The group’s best-known chains include PEP and Ackermans, supported by specialist and category-focused brands such as Shoe City, Dunns, Tekkie Town, Refinery, S.P.C.C., CODE, BUCO, Bradlows, Rochester, Sleepmasters, Incredible Connection and HiFi Corp. The business traces its origins to 1965, when Renier van Rooyen founded the company. Its first chain-store operation, PEP Reef, began in 1978, and the corporate name changed from PEP Stores to Pepkor Limited in 1982, with PEP continuing as a subsidiary. Pepkor subsequently expanded through acquisitions and the development of a multi-brand retail model. It acquired Australian retailer Best & Less in 1998 and later purchased Harris Scarfe in 2012. Private-equity group Brait acquired a 24.6% stake in Pepkor in 2011. In 2014, Steinhoff International acquired Pepkor, although Pepkor later became separately listed on the Johannesburg Stock Exchange in September 2017. Pepkor’s core proposition is broad access to everyday goods at low or moderate prices, particularly for mass-market and lower-income consumers. Clothing remains the largest part of its business. The group also uses its large store network as a platform for adjacent services, including prepaid mobile-phone sales, consumer credit, parcel delivery and informal-market financial services. Its fintech activities include Flash, which serves small businesses, PAXI parcel delivery, and other formal and informal financial products. The company has also pursued banking capabilities and technology acquisitions to support the expansion of its financial-services platform. Most of Pepkor’s operations are in South Africa, but the group also has activities elsewhere in Africa and in Brazil. In February 2022 it acquired a majority stake in Brazilian retailer Grupo Avenida, its first major entry into Latin America. By the 2025 financial year, the combined portfolio had reached approximately 6,000 stores. Clothing represented about 72% of group revenue, financial services about 15%, and furniture, appliances and electronics about 13%, according to the supplied reference material. Pepkor also reported selling 13.5 million smartphones during that financial year and adding 1.3 million active credit clients. Its scale makes it one of Southern Africa’s largest retail operators by store count and transaction volume.
History
Pepkor was founded in 1965 by Renier van Rooyen in South Africa. The company’s early development culminated in the opening of the first PEP Reef chain store in 1978. In 1982, the business changed its corporate name from PEP Stores to Pepkor Limited, while PEP became a subsidiary and the principal expression of the group’s value-retail model. The company grew by combining organic store expansion with acquisitions. In 1998 it acquired Australian retailer Best & Less, extending the group beyond Southern Africa. Pepkor continued to broaden its Australian presence when it purchased Harris Scarfe in 2012. In 2011, Brait acquired a 24.6% interest in Pepkor for R4.18 billion. Steinhoff International acquired Pepkor in November 2014 in a transaction reported at approximately US$5.7 billion. Pepkor became a public company in September 2017 through a listing on the Johannesburg Stock Exchange. Following the listing, the group continued to develop a portfolio structure spanning discount apparel, home-related retail, furniture, appliances, electronics and building materials. Its retail brands included PEP, Ackermans, Shoe City, Dunns, Tekkie Town, Refinery, S.P.C.C., CODE, Bradlows, Rochester, Sleepmasters, Incredible Connection, HiFi Corp and BUCO. The group also expanded beyond conventional retail. Pepkor became a major seller of affordable mobile phones and prepaid telecommunications products, while its fintech division developed services for both consumers and small businesses. Flash serves the informal small-business sector, and PAXI uses Pepkor’s store network as a parcel-collection and delivery platform. Consumer credit and other financial services became increasingly important components of the business model. In February 2022, Pepkor acquired a majority stake in Grupo Avenida, a Brazilian retailer, representing its first significant move into Latin America. By the 2025 financial year, the combined operations had reached approximately 6,000 stores across Africa and Brazil. That year also brought further portfolio expansion through acquisitions of OK Furniture, House & Home, Legit, Swagga and Style. Pepkor launched or expanded newer apparel concepts, including Ayana, and its Ackermans division entered menswear. The group also reported strong growth in fintech revenue and gross profit, increased smartphone sales and a larger active credit customer base. Pepkor obtained approval to establish a South African bank and acquired Cloudbadger to support the development of that platform. The company therefore operates as both a large value retailer and an increasingly diversified consumer-services group.
- 2025
Store network reached approximately 6,000 locations
[1]Pepkor reported reaching its 6,000th store across its retail portfolio.
- 2022
Grupo Avenida majority stake acquired
[1]Pepkor entered Latin America by acquiring a majority stake in Brazilian retailer Grupo Avenida.
- 2017
Johannesburg Stock Exchange listing
[1]Pepkor was listed on the Johannesburg Stock Exchange under ticker PPH.
- 2014
Steinhoff acquired Pepkor
[1]Steinhoff International acquired Pepkor in a reported US$5.7 billion transaction.
- 2012
Harris Scarfe acquired
[1]Pepkor purchased Australian department-store chain Harris Scarfe.
- 2011
Brait acquired a 24.6% stake
[1]Brait bought a minority stake in Pepkor for R4.18 billion.
- 1998
Best & Less acquired
[1]Pepkor acquired Australian retailer Best & Less.
- 1982
Corporate name changed to Pepkor Limited
[1]The former PEP Stores company adopted the Pepkor name, with PEP operating as a subsidiary.
- 1978
First PEP Reef chain store opened
[1]The opening of the first PEP Reef chain store established the foundation for Pepkor’s later discount-retail network.
- 1965
Pepkor was founded
[1]Renier van Rooyen founded the South African company that later became Pepkor.
Products and positioning
A large-scale, value-oriented retail group serving mass-market consumers through an extensive multi-brand store network, complemented by fintech and telecommunications services.
Discount clothing and general merchandise retail · 1978
PEP
PEP is Pepkor’s foundational value-retail chain and sells affordable clothing, footwear, household goods and selected general merchandise. Its extensive store network is designed for convenient access in urban, suburban and smaller-market locations. PEP also supports Pepkor’s mobile-phone and prepaid-services activity and is one of the principal channels through which the group reaches mass-market consumers.
Value clothing retail
Ackermans
Ackermans is a major Pepkor apparel brand focused on affordable clothing and related products. Historically associated particularly with family and children’s clothing, the division has broadened its proposition and entered menswear. Its role within the group is to provide accessible fashion and everyday apparel through a dedicated retail format distinct from PEP.
Value homeware retail
PEP Home
PEP Home extends Pepkor’s value proposition into household products and homeware. The format sells affordable goods intended for everyday domestic use and complements the clothing-focused PEP store network. Pepkor reported continued PEP Home store openings during the 2025 financial year.
Building materials retail
BUCO
BUCO is Pepkor’s building-materials and hardware retail business. It serves household renovation, construction and maintenance needs, adding a trade-oriented category to a portfolio otherwise dominated by apparel and consumer merchandise.
Consumer electronics retail
Incredible Connection
Incredible Connection is a consumer-electronics retail chain within Pepkor. Its merchandise includes technology and electronic products, giving the group exposure to higher-value durable goods beyond clothing and household basics.
Appliances and electronics retail
HiFi Corp
HiFi Corp sells appliances and consumer electronics within Pepkor’s furniture, appliance and electronics portfolio. The brand broadens the group’s reach into durable household purchases and complements the electronics focus of Incredible Connection.
Parcel delivery
PAXI
PAXI is Pepkor’s internally developed parcel-delivery service. It uses the group’s retail stores as accessible collection and delivery points, connecting Pepkor’s physical network with e-commerce and consumer logistics needs.
Fintech and informal-market services
Flash
Flash is Pepkor’s fintech business serving small businesses in the informal market. Its activities include telecommunications and financial-service functions delivered through a business network. Flash represents Pepkor’s effort to use retail reach and technology to participate in transactions beyond conventional store sales.
Adult womenswear · 2025
Ayana
Ayana is a newer adult womenswear concept associated with Pepkor’s expansion of its clothing portfolio. During the 2025 financial year, the group opened additional Ayana locations as part of its wider store-growth program.
Brand decisions
2025
Expansion of fintech and financial-services capabilitiesStrategyBackground
Pepkor was using its store network and customer base to develop services beyond merchandise retail.
Action taken
The group expanded smartphone, credit and informal-market services, received approval to establish a South African bank and acquired Cloudbadger to support the banking initiative.
Aftermath
Fintech became a significant group activity, with reported growth in revenue, gross profit and active credit clients during the 2025 financial year.
Fintech share of group revenue. 15% (2025 financial year)
2025
Acquisition of additional furniture and clothing chainsM&ABackground
Pepkor continued to increase store density and category coverage through portfolio expansion.
Action taken
The group acquired OK Furniture, House & Home, Legit, Swagga and Style.
Aftermath
The acquisitions added 469 stores to Pepkor’s locations and helped the group reach approximately 6,000 stores.
2022
Majority investment in Grupo AvenidaM&ABackground
Pepkor sought geographic growth outside Africa and a foothold in Latin American value retail.
Action taken
Pepkor acquired a majority stake in Brazilian retailer Grupo Avenida.
Aftermath
The transaction marked Pepkor’s first entry into Latin America.
2014
Sale to Steinhoff InternationalM&ABackground
Pepkor was an established multi-brand retailer with operations in Southern Africa and Australia.
Action taken
Steinhoff International acquired Pepkor in November 2014.
Aftermath
Pepkor later returned to the public markets through its 2017 Johannesburg Stock Exchange listing.
Transaction value. US$5.7 billion reported acquisition value (November 2014)
1998
Acquisition of Best & LessM&ABackground
Pepkor sought to expand its retail footprint beyond Southern Africa.
Action taken
The company acquired Australian retailer Best & Less.
Aftermath
The transaction established an international dimension to Pepkor’s retail portfolio.
1965
Founded as a value-retail businessStrategyBackground
The company was established in South Africa with a focus that developed into mass-market and discount consumer retail.
Action taken
Pepkor built a multi-brand model centered on affordable everyday merchandise.
Aftermath
The model became the foundation for a large Southern African store network and later fintech expansion.
Sources2 sources
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