In another bold move in its drive to diversify internationally, TFG has taken the plunge into Australia, agreeing to buy menswear specialist Retail Apparel Group (RAG) for A$302.5m. The RAG deal comes a little over two years after TFG, headed by Doug Murray, took its first step offshore with the acquisition of UK-based fashion retailer Phase Eight for £140m in January 2015. "RAG is a replica of our Phase Eight acquisition," says TFG chief financial officer Anthony Thunström. "I truly believe we have the best apparel management teams in the UK and now in Australia where half the top management are expats from SA." With RAG on board, TFG will move into the position of Australia’s leading menswear retailer. "RAG has a 9% market share," says Thunström. "That’s more than double Cotton On’s 4% share." RAG’s route to its midmarket and value-sector targets is through the 400 stores operating under the Tarocash, Connor, Johnny Bigg and yd. brands. RAG has also entered the women’s sportswear ...

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