Foschini to acquire UK women's wear brand | Fin24
 
  • Tallest in Africa

    A new Sandton skyscraper is the tallest building on the continent, offering a view of Magaliesberg.

  • Load Shedding

    Power utility Eskom says it is not planning rotational power cuts in September or October.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.

Loading...

Foschini to acquire UK women's wear brand

Nov 07 2017 12:01
shopping


Company Data

THE FOSCHINI GROUP LIMITED [JSE:TFG]

Last traded 163
Change 1
% Change 0
Cumulative volume 2508777
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Foschini holding out for Christmas sales - report

Truworths sales drop reflects tough market challenges

Local fashion retailers take a knock, multinationals here to stay - analyst

UK retail sales growth slumps to weakest in four years

New JSE arrivals Stadio and Star: What’s behind the big reputations?

Consumers hit malls less frequently, but spend more per visit - report

 

Cape Town - The Foschini Group announced on Tuesday that it would be buying British women's wear brand Hobbs. 

In a market update, Foschini [JSE:TFG] said its UK subsidiary TFG Brands had entered into an agreement to acquire the entire issued share capital of Hobbs.

It did not say what this would cost. 

“Hobbs currently has 140 outlets comprising standalone stores and concessions in the UK and is stocked in selected departmental stores across the world, including Bloomingdales in the US and Wohrl and SinLeffers in Germany.

It also sells its merchandise online in 49 countries,” said Foschini in  a statement. 

According to a statement on its website, Hobbs has 219 stores and concessions across Europe, including the UK, and employs 1 000 people.

In 2015/16, it had a turnover of £110m (approximately R2bn). 

Foschini said the acquisition would help position as its international brand, and enhance its online presence.

At 11:30 on Tuesday, Foschini’s shares were slightly firmer on the JSE, having gained 0.6% to trade at R143.40 per share. 


SUBSCRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox.

Read Fin24's top stories trending on Twitter:

the foschini group  |  companies  |  retail
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What's your view on deep sea mining?

Previous results · Suggest a vote

Loading...