South African firm The Foschini Group (TFG) recently acquired British affordable luxury womenswear brand Hobbs for an undisclosed sum. TFG announced the purchase while praising Hobbs’ successful turnaround strategy over the last two years led by chief executive Meg Lustman. TFG was reportedly eyeing a possible takeover of Hobbs since last July.
Launched in 1981, Hobbs achieved a sales figure of £120 million for the fiscal year ending January 2017 and has over 140 outlets and stores in the United Kingdom. It also sells online in 49 countries. Hobbs will join two other British womenswear brands — Phase Eight and Whistles — in the TFG portfolio, according to media reports from South Africa and the United Kingdom.South African firm The Foschini Group (TFG) recently acquired British affordable luxury womenswear brand Hobbs for an undisclosed sum. TFG announced the purchase while praising Hobbs' successful turnaround strategy over the last two years led by chief executive Meg Lustman. TFG was reportedly eyeing a possible takeover of Hobbs since last July.#
TFG recently announced a 9.2 per cent growth in turnover in its interim results, despite difficult economic and political conditions in its key South Africa and United Kingdom markets. (DS)
Fibre2Fashion News Desk – India
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