Ritika Janiya
In a big move in the world of fashion, The Foschini Group (TFG) has just bought White Stuff, a well-known clothing brand in the UK, for an estimated £50 million. TFG, a major South-African fashion company, already owns popular brands like Hobbs, Whistles, and Phase Eight. The purchase of White Stuff is seen as a significant expansion for TFG as it looks to strengthen its presence in the UK market.
White Stuff, which first started back in 1985, has grown a lot over the years. Today, it operates 113 stores across the UK and has 46 smaller outlets inside John Lewis and M&S stores. Although some might worry that this change could lead to closures, both companies have assured everyone that no shops will close, and no employees will lose their jobs. This is good news for White Stuff’s team of over 1,200 workers!
White Stuff’s Journey: From Dream to Reality
George Treves and Sean Thomas, the founders of White Stuff, are the masterminds behind the brand. They started the company over 40 years ago and have watched it grow into a popular high-street fashion name. In a heartfelt message, George Treves shared how emotional this moment is for them. He said, “Today marks a significant and emotional milestone for Sean and me. We have spent over 40 years building this company from the ground up. We have achieved more than we ever dreamed possible, thanks to the incredible dedication of our team, the support of our customers, and the commitment of our suppliers.”
It’s a big deal for the founders, who put their heart and soul into making White Stuff what it is today. Despite stepping down from their roles, their hard work and dedication will always be a huge part of the company’s history.
No Closures and Big Plans Ahead
Earlier this year, there were already talks of selling the business, and many speculated what that would mean for the brand’s future. Luckily, TFG has been clear that it doesn’t plan on closing any White Stuff stores. In fact, they’re planning on expanding! Last November, the company had announced plans to open more stores, and a few new ones have already been opened since then.
In April this year, White Stuff announced record-breaking revenues of £154.8 million. Interestingly, 85% of this revenue came from their online and in-store sales, showing how popular the brand is among shoppers.
What TFG Thinks About the Deal
Justin Hampshire, who is the CEO of TFG London, expressed his excitement over welcoming White Stuff into their growing family. He shared, “We are thrilled to welcome the White Stuff team into the TFG London family. We have long admired the White Stuff brand, which is known for its unique detail and exceptional quality.”
He also mentioned that adding White Stuff to their collection of brands brings something new to the table. TFG’s main focus has always been womenswear, but with White Stuff, they are adding their first lifestyle brand with a strong menswear collection and a loyal customer base. This diversification strengthens TFG’s portfolio, helping them cater to a broader range of customers.
What’s Next for White Stuff?
Now that TFG owns White Stuff, the big question is, what’s next for the brand? According to TFG’s plans, they are not just looking to keep things running smoothly; they want to grow even more. This means opening more stores and introducing more concessions within larger retail outlets like John Lewis and M&S.
Jo Jenkins, the current CEO of White Stuff, was proud of what the company had accomplished. She said, “We have spent over 40 years building this company from the ground up.” It’s clear that Jo, along with everyone at White Stuff, is excited about this new chapter with TFG.
Why TFG is Interested in White Stuff
TFG already has a solid portfolio with brands like Hobbs, Whistles, and Phase Eight, but White Stuff offers something different. It’s a lifestyle brand that appeals to both men and women, and its focus on quality and detail is in line with TFG’s standards. The addition of White Stuff will help TFG attract new customers who might not have shopped at their existing brands.
Reports suggest that White Stuff had been in discussions with TFG for a few days before the deal was finalized. It’s believed that other companies were also interested in buying White Stuff, but TFG came out on top.
No Changes in Staff – Everyone Keeps Their Jobs!
When big deals like this happen, it’s natural to worry about job cuts or store closures. But TFG has promised that no one will lose their job as part of this deal. All the workers at White Stuff will stay in their current roles. This decision has likely come as a relief to the more than 1,200 employees of White Stuff.
What’s the Big Takeaway?
Overall, this deal between TFG and White Stuff seems to be a win-win situation for everyone. White Stuff’s loyal customers can continue to enjoy their favorite products, employees get to keep their jobs, and TFG gets to add a new and exciting brand to its collection.
For George and Sean, this marks the end of an era, but it’s clear that they are proud of all they have accomplished. The fashion industry is always changing, and with TFG now backing White Stuff, the brand is set to continue growing and evolving.
