- The Foschini Group, one of
South Africa’s leading retail clothing groups, is making big inroads into
homeware and furniture.
- The company’s acquisition of
Tapestry Home Brands, which includes Coricraft, Dial-a-Bed, The Bed Store, and
Volpes, was recently given the green light by the Competition Commission, with
- Part of this agreement
includes opening a minimum of 35 new stores within three years under the four
- Foschini expects “to
comfortably overshoot” this target and, in the process, revive the local
furniture manufacturing industry.
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One of South Africa’s top retail
clothing groups, The Foschini Group (TFG), has set its sights on reviving the
country’s furniture manufacturing sector with the recent acquisition of four
familiar homeware brands.
More than 80% of TFG’s annual turnover
comes from clothing, with a diverse portfolio of outlets covering all fashion
bases. And while the group may be best known for brands like Foschini, Markham,
Sportscene, and, more recently, Jet, TFG does dabble in homeware and furniture.
TFG’s main homeware brands – @home and
@homelivingspace – have been around for almost two decades. Homeware, although
only contributing 5.2% to TFG’s turnover, has grown by more than 30% over the
past year, according to the group’s most recent results presentation.
Now, TFG’s homeware department is
expected to surge much further ahead with the acquisition of Tapestry Home
Brands, which was recently approved by South Africa’s Competition Commission
with certain conditions. This puts Coricraft, Dial-a-Bed, The Bed Store, and
Volpes under TFG’s umbrella.
In its agreement with the Competition
Commission, TFG committed to opening a minimum of 35 new stores within three
years under the four Tapestry brands.
“We expect to comfortably
overshoot this target as we bring TFG’s scale and resources to bear on