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. ..

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now