TFG has announced that it has entered into an agreement to acquire Hobbs, a contemporary British womenswear brand, through its United Kingdom subsidiary, TFG Brands (London) Limited.
The agreement is subject to the fulfilment of certain conditions precedent normal for a transaction of this nature.
Hobbs currently has 140 outlets comprising standalone stores and concessions in the UK and is stocked in selected departmental stores across the world including Bloomingdales in the United States of America and Wohrl and SinLeffers in Germany. It also sells its merchandise online in 49 countries.
The addition of Hobbs to TFG’s existing portfolio of brands will furthern position TFG as a leading fashion retailer not only in South Africa, but internationally, and will enhance its online presence.
This is not a categorised transaction for the purposes of section 9 of the JSE Listings Requirements.