| Industry | Retail |
|---|---|
| Foundation | 1924 (age 102)[citation needed] |
| Location city | Cape Town, Western Cape |
| Location country | South Africa |
| Locations | 3,000+ |
| Area served | Africa UK Australia |
| Key people | Michael Lewis (Chairman) Anthony Thunström (CEO)[1] |
| Revenue | R 34.1 billion (2019)[2] |
| Num employees | 29,121[2] |
| Homepage | www.tfglimited.co.za |
TFG Limited (commonly known as TFG, and formerly The Foschini Group) is a South African retail clothing group, which trades under various brands, and has more than 3,000 stores within its portfolio.[3] It is headquartered in Cape Town.
In 2015, the company acquired the British apparel chain Phase Eight[4][5] from TowerBrook Capital Partners, then valued at £300 million.[6]
In March 2016, TFG acquired the British chain Whistles with its 46 retail shops.[5] In 2017, the company acquired Australian retail company Retail Apparel Group from Navis Capital Partners.[7]
In March 2020, TFG announced that, during the on-going COVID-19 pandemic, the company would cease to pay rents for its retail locations during the resultant lockdowns in South Africa.[3][8]
During the course of 2020, TFG acquired the chain of Jet stores from an ailing Edcon, further expanding their footprint as a retail conglomerate.
On 5 October 2021, it was reported that TymeBank would open approximately 600 banking service kiosks in TFG retail outlets in 2022.[9][10]
Through a series of investments, TFG has increased its manufacturing capacity in South Africa. By November 2021, it was producing almost three quarters of its apparel locally.[11]
See also
References
- ^ "TFG CFO Anthony Thunström now CEO". CFO South Africa. 14 March 2018. Retrieved 23 March 2019.
- ^ "Annual Report 2019". Retrieved 22 June 2020.
- ^ Naidoo, Lauren (March 30, 2020). "TFG insists it won't pay April rent due to lockdown". moneyweb.com. Retrieved June 6, 2020.
- ^ Roberts, Lauretta (7 March 2016). "Jigsaw and Whistles "in sale talks"". The Industry. Archived from the original on 10 April 2016. Retrieved 8 March 2016.
- ^ Farrell, Sean & Butler, Sarah (24 March 2016). "Whistles bought by South Africa's Foschini Group | Business | The Guardian". The Guardian. theguardian.com. Retrieved 24 March 2016.
- ^ Armstrong, Ashley (January 15, 2015). "Phase Eight sold to South African retailer Phase Eight sold for £238m". The Telegraph. Retrieved June 4, 2020.
- ^ "The Foschini Group snaps up IPO hopeful RAG for $302m". Australian Financial Review. 2017-05-25. Retrieved 2020-02-10.
- ^ Mahlangu, Kagiso (May 7, 2020). "Big standoff between retailers and landlords looms". bizcommunity.com. Retrieved June 6, 2020.
- ^ Theunissen, Garth (5 October 2021). "TymeBank to roll out 600 kiosks at TFG stores". BusinessLIVE. Retrieved 4 November 2021.
- ^ Theunissen, Garth (5 October 2021). "TymeBank to roll out 600 kiosks at TFG stores". BusinessLIVE. Retrieved 4 November 2021.
- ^ Shevel, Adele (18 November 2021). "TFG's mission to buy local, and make local". BusinessLIVE. Retrieved 22 November 2021.