The Foschini Group to acquire Hobbs

British womenswear brand Hobbs, which was scouting for a buyer has found one in South African retailer The Foschini Group (TFG). TFG London, which acquired Britain's Phase Eight in 2015 and high-street fashion retailer Whistles last year, will buy Hobbs for an undisclosed amount, reports Moneyweb.

Hobbs posted an 8.7 percent rise in its full year gross profit to 76.2 million pounds (100 million dollars), while the company’s sales increased 9 percent to 119.5 million pounds (157 million dollars.

Hobbs, which started its journey in Hampstead, London in 1981, is owned by private equity firm 3i, which recently undertook a restructuring exercise of several Hobbs stores, and head office operations, while heavily investing in makeover of its product ranges under the leadership of Meg Lustman.

The company also focussed on international expansion during the year. Its range is now sold in 49 countries through its ecommerce platform and also through shop-in-shops in Germany and the US. Particularly in the US, Hobbs manages two standalone stores and offers its range via 23 concessions within Bloomingdales.

Picture:Facebook/Hobbs