Pet bet: Woolies sticks with ambition to be SA's top petcare retailer even as consumers struggle

Woolworths has ambitions to become the number one player in the local pet care industry through its acquisition of Absolute Pets. Even as it struggles with volume declines in its core SA business, the JSE-listed retailer says it plans to spend to bulk up in this lucrative segment.

The group, which is funding the acquisition of its 94% interest in Absolute Pets with cash, told an interim results presentation that, in addition, it was also earmarking some of the R10 billion it plans to invest in all its local operations.

The acquisition of Absolute Pets, the largest specialist pet product chain in SA, was announced late last year, and is still subject to the fulfilment of both regulatory and commercial suspensive conditions, including the approval from SA's competition authorities. In response to questions from News24, Woolworths said, however, it was in the "final stages of completing the deal", the value of which has been kept confidential.