British fashion retailer Hobbs has been acquired by South African company The Foschini Group (TFG) for an undisclosed sum.
TFG, which also owns Phase Eight and Whistles, announced the purchase the morning and praised Hobbs’ successful turnaround strategy over the last two years, led by chief executive Meg Lustman.
It was revealed back in July that TFG was eyeing a possible takeover of Hobbs, after its arrival on the market in January with an £80 million price tag.
For the year to January 28 Hobbs achieved a nine per cent rise in sales to £119.5 million, marking a continued return to growth after a strategic review in 2015 enabled its financial recovery.
“Hobbs is a strong British brand with rich design heritage,” TFG chief executive Ben Barnett said.
“Meg Lustman and her team have successfully repositioned and reinvigorated the brand, offering an excellent platform for further growth.
“We share their ambitions, not only in terms of maximising the success of their well-established UK presence, but also in their strategic approach towards leveraging the international appeal of the brand, via their physical store portfolio, carefully aligned concession partners and evolving ecommerce proposition.”