Retailer TFG expects to deliver 10 billion rand ($580 million) in annual turnover from its homewares division by 2027, up from 2 billion rand, buoyed by strong demand, its CEO said.
The owner of British womenswear brand Hobbs and South Africa's Foschini clothing brand recently expanded its furniture and homewares business by buying the mid-to-upper market Tapestry Home Brands earlier this year and relaunching the Jet Home brand as part of its lower-cost clothing brand, Jet.
But TFG Chief Executive Officer Anthony Thunström still sees strong demand for the company's lower-cost homeware items, while affluent customers continued to buy items for their homes, he told Reuters. TFG, which also has operations in Britain and Australia, is also trialing the manufacture of previously imported @Home sofas in South Africa to reduce reliance on strained global supply lines and associated rises in shipping costs and delivery times.
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