Newsletter No. 43 10 November 2017
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The Foschini Group: buys fashion brand Hobbs as equity firm 3i exits
Hobbs, the British high street fashion retailer known for being a favourite of the Duchess of Cambridge, has found a new owner in the form of South African retailer The Foschini Group (TFG).
Hobbs chief executive Meg Lustman said this would help the brand to become “truly successful”.
“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. I very much look forward to working with the TFG team in London to achieve further success for the Hobbs brand.”
The deal ties up a process that was kickstarted in July when Hobbs was approached by the company.
Suitors for the brand first started circulating when it emerged that private equity firm 3i was looking to sell Hobbs for as much as £80m.
Terms of the final sale have not been disclosed.
It joins Phase Eight and Whistles as part of TFG’s UK portfolio as the Johannesburg-listed company expands further into the region with its British subsidiary TFG London.
(c) 2017 City A.M., source Newspaper
Renecap (Pty) Ltd T/A 8th Avenue Trading – Proudly South African
We are committed to the protection and creation of job opportunities that promote pride and consumer awareness for our locally manufactured products and services.
With the increase in recent years of local wholesalers and retailers choosing to import medium to low price textiles from the Far East, Renecap (PTY) Ltd introduced value added services including an in house design facility, a comprehensive cut, make and trim department which has placed 8TH Avenue Trading ahead of comparative brands to service the RSA Home Décor.
Under the current depressed economic circumstances and fluctuating consumer demand, it has made it more difficult for the SA textile industry, to sustain cost.
Regrettably the Government to date has not supported the South African Textile manufacturing Industry – especially in the category of the small and medium size businesses. When having to service orders of R750, 000 to R1 000 000 additional working capital is required, which it is difficult to find, and if found, the interest rates are excessive.
The Ministry of Trade and Industry have not realized the crippling effect of their decisions by not safe guarding the emerging textile industry of South Africa from excessive importation.
The Ministry should be accountable and responsible for the state in which the textile industry has found itself, especially in the small to medium size businesses, which will never be able to recover from the losses incurred.
What about the labour that has been lost to other industries? Or unemployed textile workers who are sitting on the pavement looking for a job?
It would be fine to encourage small business development if it would increase employment, but the Problem is lack of finance, and finding skilled labour will always remain an obstacle to progress until the Government ……
-puts their money where its mouth is –
We live in hope. And in doing so Renecap (PTY) LTD has adopted a new view on business by pursuing all avenues of the textile industry including Apparel, Footwear and Décor Accessories within South Africa, and also overseas.
SACTWU protested against Zara and H&M.
The Cosatu-Affliated Southern African Clothing & Textile Workers’ Union (SACTWU) embarked on a nationwide protest against H&M and Zara on Saturday 4th November 2017. Over the last two years our clothing, textile, footwear and leather (CTFL) industry has experienced a renewed wave of job losses and factory closures. One of the key reasons is the entry and growth of large international retailers like Zara, H&M and Cotton On.
These retailers conduct business in our country, but they carry no South African made products and they snip market share from many South African retailers which stock South African made goods. These foreign retailers cause fewer orders in South African factories which contribute to local retrenchments and factory closures. South Africa cannot afford further unemployment and poverty.
SACTWU wants these retailers to procure locally manufactured products and have offered them assistance in sourcing quality local suppliers. Talks have been opened with Cotton On, but the same cannot be said for H&M and Zara.
We want to highlight the damage that is being caused to our domestic clothing industry and had a presence at H&M and Zara stores nationwide.
Issued By Andre Kriel General Secretary SACTWU
For further information and comment contact SACTWU’s Media Officer Nazmia Leite, on cell number 0721986061. 2 / 2
Did you know……..
The price of clothing has decreased by 8.5% since 1992, even when adjusted for inflation.
The five most common clothing materials are linen, cotton, polyester, and rayon
NewsBriefs will be exhibiting again at ATF this year.
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