South African fashion retailer Truworths International said on Monday it has entered into an agreement to buy an 88.9 percent stake in Britain's Office Retail Group for 5.5 billion rand ($382 million).

The British retailer's management will retain an 11.1 percent stake in Office. Truworths has the option to buy that stake within 3 to 5 years, it said in a statement.

Office, a footwear retailer with 150 stores, would be Truworths' first foray into Europe.

Shares in Truworths traded down 0.8 percent at 95.25 rand by 0740 GMT, while the Johannesburg Securities Exchange's All Share index was flat.

($1 = 14.4093 rand)