The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The Foschini Group Ltd. plans to extend its cheaper South African clothes offering by opening 100 Jet stores over the next three years, reflecting the toll the pandemic has taken on consumer spending along with the opportunities offered by shorter leases and lower rents.
The owner of chains including Foschini, @home and Total Sports also plans to add homeware to existing Jet stores, and to open as many as 10 Jet Home stores, TFG Chief Executive Officer Anthony Thunström said in an interview Thursday.
“We’ve seen gaps for Jet stores across the country, especially in smaller towns,” Thunström said. Some of the store openings will come from re-signing leases with landlords that Cape Town-based TFG had struggled to get commitments from a year ago, when it bought the Jet chain from the administrators in charge of Edcon Holdings Ltd.
TFG shares reversed an earlier loss of as much as 6 percent to climb 3.1 percent as of 16:33 in Johannesburg. A close at this price would be the highest in almost 19 months.
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The foray into discount clothing follows TFG’s decision to ramp up production at its South African factories, helping the retailer increase locally made products by 60 percent last year.
TFG is also focusing on younger shoppers who are happy to buy second-hand clothes through a partnership with Yaga, the country’s biggest online used clothing retailer. For each second-hand item of clothing sold on Yaga, the seller receives a voucher from the Foschini chain to buy something new from its stores. The partnership is intended to promote the reuse of garments and to create awareness about conscious consumption, Thunström said.
By Janice Kew
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.