[LISTEN] TFGZA CEO - Anthony Thunström spoke about their growth plans and BlackFriday sales on SAfmRadio MarketUpdate with SurenNaidoo in for FifiPeters. Listen to the interview below. Moneyweb BusinessNews
JSE-listed fashion, jewellery, homeware and furniture retail giant, The Foschini Group, or TFG as it is known, is on a big expansion drive with plans to open some 350 stores for the current financial year. It is also investing heavily in local clothing manufacturing as an increasingly vertically integrated retail group. TFG CEO Anthony Thunström, and CFO Bongiwe Ntuli were in Johannesburg today and had a media round table to share more on these and other plans.
We’ll be putting out a detailed trading update during January, so I probably can’t share specific numbers. But I think it’s safe to say we planned very carefully for Black Friday across all of our brands, both here and internationally, and it was I think a very pleasing result, both on the Black Friday day itself, but equally over the last couple of years, Black Friday has morphed. It’s very much at least a ‘Black Friday week’.
The group has consistently been posting double-digit revenue growth, as you mentioned earlier this morning. Perhaps, barring the Covid period, is this the reason TFG is planning to open so many stores and is so bullish about expansion? It’s a really good question and I guess it links partly back to your previous question. We really are about finding, developing, [and] in some cases acquiring high-brand equity brands. If you look at the Tapestry Group, if you think mattresses and bedding in South Africa, Dial-a-Bed is an absolutely iconic household name, very much a market leader. ……7:32 Linen also in terms of standalone linen stores is head and shoulders above what else is in the market.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CHRIS GILMOUR: TFG deserves credit for not being what it used to beForay into Australia has proved company’s detractors wrong
Read more »
Phase Eight owner TFG open to participate in UK retail consolidationSouth African fashion and homeware retailer TFG is open to buying retail companies coming up for sale in Britain, its chief executive said on Wednesday, at a time when clothing retailer Joules Group has gone into administration.
Read more »
TFG open to participate in UK retail consolidationThere are a number of UK-based brands that will be available for sale or in financial difficulty in the next couple of months – CEO.
Read more »
Upping its app game: Foschini-owner TFG says it's ready for Amazon's SA arrival | BusinessFoshini-owner TFG says it is ready for the competition amid the expected launch of Amazon in SA, also eyeing a potential long-term sales boost, as the US e-commerce giant’s entry should help encourage more consumers to embrace online shopping.
Read more »
COMPANIES: Retailer TFG spends R200m to power up stores during SA’s rolling blackoutsEskom’s unrelenting rolling blackouts recently forced TFG, one of South Africa’s largest retailers, to spend R200-million to find alternative and emergency sources of electricity to power up its stores when the country is thrown into darkness.
Read more »