South African fashion retailer TFG buys UK's White Stuff
Adds details
JOHANNESBURG, Oct 25 (Reuters) -South African fashion and homewares retailer TFG TFGJ.J has bought UK-based fashion and lifestyle retailer White Stuff, it said on Friday, adding the deal will help it reach "critical mass".
The acquisition was made through the London subsidiary of TFG, which has a portfolio of 35 leading retail brands in 23 countries, including Australia.
TFG CEO Anthony Thunström said the acquisition marks a significant milestone in TFG London's medium-term strategy "to achieve critical mass" and to add new brands to the group, having first acquired Phase Eight in 2015.
"This acquisition represents a meaningful build out of our London business, adding close to 50% to TFG London's turnover," Thunström said. "White Stuff is a prominent high brand-equity business in the UK, and has potential for strong, sustained growth."
The addition of White Stuff to TFG London diversifies and strengthens the retailer's existing womenswear portfolio, adding the first lifestyle brand, TFG London CEO Justin Hampshire added.
The White Stuff brand joins a suite of UK-based fashion brands already owned by TFG, such as Hobbs, Whistles and Phase Eight.
In the financial year to April 30, White Stuff achieved revenue of 154.8 million pounds ($201 million) and core profit of 8.6 million pounds, TFG said.
Over 85% of its revenue was generated from the store estate and online, with the remainder from its international and wholesale operations.
TFG will be retaining the experienced senior management team of White Stuff led by CEO Jo Jenkins, who said the deal represents the natural next step for the business.
White Stuff has 113 stores and 46 store-in-store in Britain within John Lewis, Marks & Spencer MKS.L and other independent retailers.
The business also operates six stores and 25 concession stores across Europe and sells merchandise online internationally.
($1 = 0.7698 pounds)
Reporting by Nqobile Dludla, Editing by Louise Heavens and Emelia Sithole-Matarise
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