South Africa’s TFG buys major UK retailer

TFG announced that it has acquired UK-based fashion and lifestyle retailer, White Stuff, confirming earlier reports that a deal was about to be struck for the purchase.

The acquisition was made through the London subsidiary of the South African-headquartered TFG Limited Group, which has a portfolio of 35 leading retail brands in 23 countries.

The White Stuff brand joins the group’s suite of UK-based fashion brands already owned by TFG, such as Hobbs, Whistles, and Phase Eight.

Founded in 1985, White Stuff specialises in unique, thoughtfully designed clothing and accessories for women, men and children.

White Stuff has 113 stores and 46 concessions in the UK, including John Lewis, Marks & Spencer, and other quality independent retailers.

The business also operates six stores and 25 concessions across Europe, retails online internationally, and has 606 wholesale stockists—178 in the UK and Ireland and 428 internationally.

Online sales currently contribute 43% of total sales.

TFG CEO Anthony Thunström said the acquisition marks a significant milestone in TFG London’s medium-term strategy to achieve critical mass and add new brands to the Group. The group first acquired Phase Eight in 2015 and later acquired Whistles and Hobbs.

The group said TFG London will now be able to create a unified retail platform in the United Kingdom, which largely mirrors our platform structure in Africa and Australia.

“This acquisition represents a meaningful build-out of our London business, adding close to 50% to TFG London’s turnover. White Stuff is a prominent high brand-equity business in the UK and has potential for strong, sustained growth.

“We are excited about its prospects and very pleased to be retaining the experienced senior management team led by CEO Jo Jenkins,” said Thunström.

TFG London CEO Justin Hampshire said the addition of White Stuff will diversify and strengthen the group’s existing womenswear portfolio. It will add the first lifestyle brand while also bringing a well-established menswear offer.

According to the group, White Stuff achieved revenue of £154.8 million and EBITDA of £8.6 million in the financial year to 30 April 2024.

It said over 85% of revenue was generated from the store estate and online, with the remainder from its international and wholesale operations.

TFG did not disclose the value of the acquisition, but UK media estimated a figure of around £50 million (~R1 billion) in earlier reports.

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