Woolworths Group boss Brad Banducci says there is plenty of growth left in the booming pet sector, from doggy daycare to nutrition and grooming, after the grocery giant snapped up a 55 per cent stake in pet business Petspiration Group for $586 million.
After a puppy boom during COVID-19 lockdowns, the retailer will use funds from its recently sold down stake in Endeavour Group to enter a new category, buying a majority stake in the No. 2 player in the fast-growing $10 billion specialty pet sector.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
