South African fashion conglomerate eyes Hobbs takeover

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Hobbs

The Duchess of Cambridge’s preferred fashion brand Hobbs could potentially have a new owner as The Foschini Group expressed interest in buying the retail chain.

Foschini joins a growing list of private equity firms that have also expressed interest in acquiring the chain, which was put on the market by current owner, private equity firm 3i, in January.

READ MORE: 5 Minutes With Mehul Tank, CFO, Hobbs

However, according to The Sunday Times, it is thought that Foschini would not be willing to pay the £80 million price tag attached to the British retailer.

Hobbs raked in £104.4 million in sales and £1.4 million in profit last year, after a strategic review in 2015 that enabled it to recover financially.

Foschni owns a handful of middle-market retail chains, including Phase Eight and Whistles in the UK.

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