TFG, Truworths look offshore for growth
SA apparel retailers diversify revenue streams, developed market foothold offers scale
TFG, the retailer that owns Foschini, @Home and Totalsports is in talks to acquire British womenswear brand Hobbs, a UK press report says.
Hobbs, a high-end fashion retailer, was put up for sale by its private-equity owner 3i in January for £80m, according to The Times of London.
Continued political uncertainty and SA’s credit downgrades have lent urgency to the country’s apparel retailers in diversifying their revenue streams with hard currency to reduce dependence on the local market, which is in pronounced economic slowdown.
TFG has been looking for international acquisitions and has appointed a dedicated head of mergers and acquisitions in 2016.
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