In an overwhelming endorsement of Foschini owner TFG’s strategy to ramp investments in e-commerce and expand its discount offering, shareholders almost unanimously backed a deeply discounted R3.95bn fundraising via the sale of new shares.

One the biggest re-sellers of Adidas and Nike products in SA, TFG’s sale of new shares to existing investors, or rights offer, will also help it build cash reserves to withstand the Covid-19 economic shock, which hastened the need to bolster its e-commerce offering and exposed its limited exposure to the vast low-income clothing market. ..

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