JOHANNESBURG - South African diversified retail group TFG on Tuesday announced the acquisition of contemporary British womenswear brand, Hobbs.
TFG chief executive Doug Murray said he was excited about the acquisition which shows the company's growth in the United Kingdom market.
“Hobbs is a well-established British brand with a loyal customer base and an excellent reputation for the design and retail of high quality clothing and footwear," Murray said.
"I am excited about bringing both the brand and the management team into TFG's portfolio of brands and delighted with our continued growth in the United Kingdom.
Since its launch in London in 1981, Hobbs has built a strong brand identity focused on affordable luxury, offering modern cuts, feminine tailoring and heritage craftsmanship across wear-to-work, smart casual and occasion womenswear.
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The brand achieved sales in the year ended January 2017 of £120 million and currently has over 140 outlets across stores and concessions in the UK.
Hobbs chief executive Meg Lustman said the acquisition by TFG represented a further step on our journey to develop a truly successful international and omni-channel Hobbs brand.
"With TFG’s existing experience managing desirable brands, and their deep understanding of the sector, we are thrilled with today’s announcement and their commitment to assist us to drive our future growth," Lustman said.
"I very much look forward to working with the TFG team in London to achieve further success for the Hobbs brand."
Last week, TFG announced a 9.2 percent growth in turnover in its interim results, despite difficult economic and political conditions in its key South Africa and United Kingdom markets.