Mr Price Slumps Amid Value Concerns of European Purchase

Mr Price Group Ltd. slumped amid market concerns that the South African clothing chain is overpaying for the retail business of NKD Group to expand in central and eastern Europe.

The Durban-based specialist in mid-range apparel, sports goods and homeware will spend as much as €487 million ($567 million) on all of NKD’s retail unit as well as NKD’s shareholder-loan receivables, Mr Price said in a statement Wednesday.