TFG CEO Anthony Thunström sees two distinct groups of shoppers in South Africa: the vast majority are “pretty aspirational” when it comes to clothing brands, while the second grouping is firmly focused on a certain product at a certain price point.

This customer distinction helped buoy the acquisitive retailer in the past year, when the market might have expected a shabbier showing from TFG. Thunström says “almost all of our brands have high brand equity”. TFG — owner of brands such as Foschini, G-Star, Jet, Sportscene and Coricraft — saw its core TFG Africa division report an 8.9% rise in revenue to a record R60bn to the end of March. Importantly, it also registered market share gains “across all major merchandise categories”...

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