Fashion retailer White Stuff has been acquired by The Foschini Group (TFG), which owns retailers such as Whistles, Phase Eight and Hobbs.
TFG said the acquisition was made through the London subsidiary of the South Africa-headquartered TFG Limited Group.
White Stuff has 113 stores and 46 concessions in the UK, with six stores and 25 concessions across Europe. TFG has a portfolio of 35 retail brands spanning 23 countries.
TFG chief executive Anthony Thunström said the acquisition marks a “significant milestone” in the group’s medium-term strategy to add new brands.
The company said it is now in a position to create a unified retail platform in the UK, which should reflect the platform structure it has in Africa and Australia.
“This acquisition represents a meaningful build-out of our London business, adding close to 50% to TFG London’s turnover. White Stuff is a prominent high-brand-equity business in the UK and has potential for strong, sustained growth,” said Thunström.
“We are excited about its prospects and very pleased to be retaining the experienced senior management team led by CEO Jo Jenkins.”
TFG London chief executive Justin Hampshire added: “We are thrilled to welcome the White Stuff team into the TFG London family. We have long admired the White Stuff brand, which is synonymous with unique detail and exceptional quality.
“The addition of White Stuff to TFG London diversifies and strengthens our existing womenswear portfolio, adding the first lifestyle brand while also bringing a well-established menswear offer and its loyal and resilient customer base.”
Jenkins said TFG London is the “ideal owner” due to the wealth of premium retail experience joining the group is a “natural next step” for the business.
In the year to April 30, White Stuff achieved revenue of £154.8m and EBITDA of £8.6m.
No comments yet