Foschini buys British womenswear brand Hobbs

It’s a fantastic brand; iconic in the UK.

Anthony Thünstrom, The Foschini Group

The UK is a tough market, but you have to say the same about South Africa.

Anthony Thünstrom, The Foschini Group

The Foschini Group (TFG) on Tuesday announced it is buying contemporary British womenswear brand Hobbs.

The first Hobbs outlet opened in London in 1981.

The brand achieved £120 million in sales in 2016.

It is also found in the USA and Germany.

Hobbs sells online to customers in 49 countries.

The Money Show’s Bruce Whitfield interviewed TFG CEO Anthony Thünstrom.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

We try to avoid the temptation of converting into rand and merely benefiting from the exchange rate.

Anthony Thünstrom, The Foschini Group

We’ve gone for a more affluent customer.

Anthony Thünstrom, The Foschini Group

A local management team is absolutely essential… We’ve retained top-management…

Anthony Thünstrom, The Foschini Group

There’s a very high import duty – 40% to 45% - on clothing into South Africa.

Anthony Thünstrom, The Foschini Group

We have an opportunity to take some of our brands offshore.

Anthony Thünstrom, The Foschini Group

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