TFG has acquired UK-based fashion and lifestyle retailer White Stuff.
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The acquisition was made through the London subsidiary of South Africa-headquartered TFG Limited Group, which has a portfolio of 35 leading retail brands in 23 countries.
The White Stuff brand joins a range of UK-based fashion brands already owned by TFG, including Hobbs, Whistles and Phase Eight.
Founded in 1985, White Stuff specializes in unique and thoughtfully designed clothing and accessories for women, men, and children. White Stuff has 113 stores and 46 kiosks across the UK, located in John Lewis, Marks & Spencer and other quality independent retailers.
The business also operates six stores and 25 concessions across Europe. White Stuff also sells online internationally, with 606 wholesalers, 178 in the UK and Ireland and 428 overseas. Online sales now account for 43% of total sales.
TFG CEO Anthony Thunström said the acquisition was a critical mass step in TFG London’s medium-term strategy, which first acquired Phase Eight in 2015 and subsequently acquired Whistles & Hobbs. He said it was an important milestone as it added a new brand to the group.
TFG London is now in a position to create a unified retail platform in the UK that closely mirrors our platform structure in Africa and Australia.
“This acquisition represents a meaningful build-out of our London business, increasing TFG London’s turnover by nearly 50%. We are excited about the prospects and are very pleased to retain our experienced senior management team, led by CEO Joe Jenkins.”
Commenting on the acquisition, Justin Hampshire, CEO of TFG London, said: We’ve long admired the White Stuff brand, which is synonymous with unique details and exceptional quality. The addition of White Stuff to TFG London diversifies and strengthens our existing womenswear portfolio, adding our first lifestyle brand, while also building on our established menswear offering and our loyal and resilient brand. It also brings in a certain customer base. ”
White Stuff CEO Joe Jenkins said TFG London was the ideal owner for the business due to White Stuff’s brand value and the business’ extensive premium retail experience.
“This is a very exciting moment for Whitestuff and represents a natural next step for our business, building on the efforts and successes the brand has achieved in recent years.”
White Stuff has a strong track record of financial performance, with the business achieving revenue of £154.8m and EBITDA of £8.6m in the financial year to 30 April 2024. More than 85% of its revenue was derived from stores and online, with the remainder coming from international operations and wholesale operations.
