The retail industry is going through a tough period due to ongoing load shedding and rolling blackouts but some retail outlets and companies are finding ways to reap profits and create jobs.
TFG, the parent company Foschini, Markham and Tapestry announced that they added 6000 jobs within the retail group in the past six months. The company recently reported 23.5% turnover for the first half of the financial year.
“In TFG Africa, the post-pandemic economic recovery is progressing gradually, showcased by surprising resilience in consumer spending, despite the high unemployment rates, reduced consumer confidence and increased levels of Eskom load shedding,” said TFG CEO Anthony Thunström.
The fashion and lifestyle retail group recently acquired Tapestry Home Brands and continues integrating the company within the group.
“Since the acquisition of Tapestry Home Brands from 1 August, we have integrated that business and introduced TFG credit to all Tapestry stores. Furthermore, we have leveraged our group scale to secure key new locations for the Tapestry brands,” said Thunström.
“The acquisition seeks to provide the group with exposure to new and diverse products and categories as well as gaining new customers to complement the TFG customer base in existing categories. The transaction is in line with TFG’s stated strategy of vertical integration in key product categories and the continued development of its quick response local manufacturing capability.”
Thunström said the company will continue innovating to bring new product and services into the market to grow the brand.
“We continue to invest in our key strategic initiatives to further strengthen our differentiated business model. We have made progress on our strategic objectives and speciality brand business portfolio, and continue to eye organic and inorganic growth opportunities.”
