South African retail group TFG, through its London subsidiary, has acquired the fashion and lifestyle brand White Stuff, which operates 113 stores and 46 concessions in the UK.
The strategic acquisition adds to TFG’s growing suite of UK fashion brands, which also included Hobbs, Whistles and Phase Eight.
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White Stuff, founded in 1985, offers clothing and accessories for women, men and children.
The brand maintains a presence in Europe with six stores and 25 concessions, partnering with major retailers such as John Lewis and Marks & Spencer.
The brand also has a strong wholesale distribution network with 428 worldwide and the remaining in the UK and Ireland.
White Stuff’s online international sales account for 43% of its total revenue.
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By GlobalDataThe acquisition is part of TFG London’s medium-term strategy to meet critical mass and enhance the group’s brand portfolio.
TFG CEO Anthony Thunström stated that the business will create a unified retail platform in the UK, in line with THG’s platform structure in Africa and Australia, adding: “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.”
For the financial year ending on 30 April 2024, White Stuff reported revenues of £154.8m ($200.6m) and earnings before interest, taxation, depreciation and amortisation of £8.6m.
More than 85% of this revenue came from its store estate and online operations.
White Stuff CEO Jo Jenkins said: “This is a very exciting moment for White Stuff and represents the natural next step for our business. It builds on the hard work and success the brand has achieved in recent years.”
