TFG Limited, also known as The Foschini Group (pronounced as "Voesjienie" in Afrikaans), is a South African JSE listed retail clothing group, which trades under various brands and has more than 3,000 stores within its portfolio.[3] It is headquartered in Parow East near Cape Town.
| Company type | Public |
|---|---|
| JSE: TFG | |
| Industry | Retail |
| Founded | 1924 |
| Headquarters | , South Africa |
Number of locations | 2468 across 24 countries |
Area served | Africa, UK, Australia |
Key people | Michael Lewis (chairman) Anthony Thunström (Chief executive officer)[1] |
| Revenue |  R 34.1 billion [2] |
Number of employees | 29,121 (2019)[2] |
| Subsidiaries |
Phase Eight Whistles Retail Apparel Group Markham Sportscene Totalsports Foschini Fabiani Hi @home Donna Duesouth Escapes Exact Foschini For Beauty MyTFGworld Archive Store the FIX Jet Coricraft Bash |
| Website | www |
In 2015, the company acquired the British apparel chain Phase Eight[4][5] from TowerBrook Capital Partners, then valued at £300 million.[6]
In March 2016, TFG acquired the British chain Whistles with its 46 retail shops.[5] In 2017, the company acquired Australian retail company Retail Apparel Group from Navis Capital Partners.[7]
In March 2020, TFG announced that, during the on-going COVID-19 pandemic, the company would cease to pay rents for its retail locations during the resultant lockdowns in South Africa.[3][8]
During the course of 2020, TFG acquired the chain of Jet stores from a failing Edcon, further expanding their footprint as a retail conglomerate.
On 5 October 2021, it was reported that TymeBank would open approximately 600 banking service kiosks in TFG retail outlets in 2022.[9][10]
Through a series of investments, TFG has increased its manufacturing capacity in South Africa. By November 2021, it was producing almost three quarters of its apparel locally.[11]
References
edit- ^ "TFG CFO Anthony Thunström now CEO". CFO South Africa. 14 March 2018. Retrieved 23 March 2019.
- ^ a b "Annual Report 2019" (PDF). Retrieved 22 June 2020.
- ^ a b Naidoo, Lauren (30 March 2020). "TFG insists it won't pay April rent due to lockdown". moneyweb.com. Retrieved 6 June 2020.
- ^ Roberts, Lauretta (7 March 2016). "Jigsaw and Whistles "in sale talks"". The Industry. Retrieved 8 March 2016.
- ^ a b Farrell, Sean; Butler, Sarah (24 March 2016). "Whistles bought by South Africa's Foschini Group | Business | The Guardian". The Guardian. theguardian.com. Retrieved 24 March 2016.
- ^ Armstrong, Ashley (15 January 2015). "Phase Eight sold to South African retailer Phase Eight sold for £238m". The Telegraph. Retrieved 4 June 2020.
- ^ "The Foschini Group snaps up IPO hopeful RAG for $302m". Australian Financial Review. 25 May 2017. Retrieved 10 February 2020.
- ^ Mahlangu, Kagiso (7 May 2020). "Big standoff between retailers and landlords looms". bizcommunity.com. Retrieved 6 June 2020.
- ^ Theunissen, Garth (5 October 2021). "TymeBank to roll out 600 kiosks at TFG stores". BusinessLIVE. Retrieved 4 November 2021.
- ^ Theunissen, Garth (5 October 2021). "TymeBank to roll out 600 kiosks at TFG stores" (PDF). BusinessLIVE. Retrieved 4 November 2021.
- ^ Shevel, Adele (18 November 2021). "TFG's mission to buy local, and make local". BusinessLIVE. Retrieved 22 November 2021.