TFG to buy UK clothing brand Hobbs
Hobbs has 140 outlets in the UK, and is stocked in departmental stores including Bloomingdales in the US and Wohrl and SinLeffers in Germany
TFG has agreed to buy British womenswear brand Hobbs for an undisclosed sum, the group said on Tuesday.
Hobbs has 140 outlets, including standalone stores and concessions in the UK, and is stocked in selected departmental stores around the world, including Bloomingdales in the US and Wohrl and SinLeffers in Germany, according to TFG’s statement. It also sells its merchandise online in 49 countries.
"The addition of Hobbs to TFG’s existing portfolio of brands will further position TFG as a leading fashion retailer not only in SA, but internationally, and will enhance its online presence." TFG said in the statement.
UK media reported in July that TFG was in talks to acquire Hobbs, which was put up for sale by its private-equity owner, 3i, in January for £80m.
The Times of London reported in early July that TFG was unwilling to pay the full asking price.
TFG CEO Doug Murray said last week that TFG was looking at opportunities to acquire more businesses in the UK and Australia. He also said that online sales accounted for 6% of group turnover and this was expected to increase.