JOHANNESBURG – Anthony Thunström, the chief executive of JSE-retailer The Foschini Group (TFG), believes the group has cracked the Australian market by forming solid partnerships and the country was now a sweet spot for the group.
Thunström said on Thursday that Australia was one of the few economies that had continued to grow and was sitting with only a 5 percent unemployment rate.
“Australian retail is doing well at the moment. If you had to ask which is the most exciting place to be, it would have to be Australia and New Zealand,” said Thunström, adding that the group was hoping for double-digit growth in the regions.
TFG Australia accounts for 11 percent of revenue, TFG London accounts for 18.7 percent and TFG Africa accounts for 70.3 percent, according to the TFG 2018 annual report.
“We don’t see Australia as being a difficult place to trade. I think we have seen a number of South African companies failing in Australia, because the cost of doing business is high,” he said.