Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

HomeBusinessWhistles-owner Foschini in advanced talks to buy White Stuff

Whistles-owner Foschini in advanced talks to buy White Stuff

The owner of fashion chains Whistles and Phase Eight is in advanced talks to buy White Stuff, another prominent high street clothing retailer.

Sky News has learnt that The Foschini Group (TFG), the South African-based retailer, is close to concluding a deal to acquire White Stuff and invest in its future expansion.

Sources said a deal could be struck within days, delivering a windfall payout to the chain’s two founders.

They cautioned that a formal agreement had yet to be reached, adding a number of other parties had also been pursuing White Stuff in recent months.

Foschini, which has a British subsidiary called TFG London, also owns Hobbs and Damsel in a Dress.

Image:
A Foschini shop in Johannesburg, South Africa. Pic: Reuters

The price under discussion was unclear on Wednesday evening, although Sky News reported earlier this year an analyst’s estimate that White Stuff could be worth in the region of £50m.

George Treves and Sean Thomas, who founded White Stuff in 1985, have built it into a premium fashion business with more than 100 stores.

It employs more than 1,200 people.

It was unclear whether they would sign a deal in time to avoid any increase in capital gains tax imposed by Rachel Reeves, the chancellor, in her budget next week.

Rothschild, the investment bank, was hired by the pair in February following the receipt of an unsolicited approach from a prospective buyer.

Read more from Sky News:
Octopus Energy sparks £1.5bn profit
Public investment ‘badly needed’

Follow Sky News on WhatsApp
Follow Sky News on WhatsApp

Keep up with all the latest news from the UK and around the world by following Sky News

Tap here

White Stuff is run by Jo Jenkins, who ran the clothing and beauty operations of Marks & Spencer until she quit to join the company in 2017.

White Stuff now has partnerships with retail giants including M&S, John Lewis and Next.

It is wholly owned by its founders, who began their partnership by selling t-shirts door-to-door.

Selling menswear and womenswear, it now boasts more than 500 stockists around the world.

TFG and White Stuff both declined to comment.

Content Source: news.sky.com

Related News

Latest News