TFG’s investment in online offering pays off
Online turnover grew 57.2% in the year and now accounts for 8.8% of group sales, with 23 brands of its 29 now available online
Clothing group TFG, whose brands include Foschini, American Swiss and Markham, went against the prevailing retail trend by producing strong results in a difficult economy. The group pushed up turnover 19.6% to R34,1bn and increased net profit from R2.4bn to R2.63bn for the year to end-March. Although the biggest driver of its turnover growth was the first time inclusion of its UK and Australian acquisitions, its local operations managed to increase turnover from R20.9bn to R22.6bn. TFG CEO Anthony Thunström said its local operations, received a boost from its factories now having a link to its IT systems, which monitored store sales, enabling it to respond quicker to trending fashion. Previously, it would take six to nine months for orders to arrive from the Far East, but with the connectivity with its own factories, it could have trending products in its stores in two weeks. Thunström said its investment in these systems had seen it increase the number of units it produced from 5.8...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.