The Foschini Group (TFG), which owns Hobbs, Whistles and Phase Eight, has acquired White Stuff.

The group confirmed it will be retaining the fashion retailer’s senior leadership team, led by CEO Jo Jenkins, and all its colleagues across the business.

As part of the transaction, White Stuff founders George Treves and Sean Thomas will both step down from the board and leave the fashion retailer.

The Hobbs owner described the acquisition as a “significant milestone” in its strategy to add new brands into the group and said it was funded by the group’s recently refinanced debt facility.

TFG CEO Justin Hampshire said the group “will continue to invest in the White Stuff brand and online offer to drive further awareness and growth”.

Hampshire continued: “The addition of White Stuff to TFG London diversifies and strengthens our existing womenswear portfolio, adding the first lifestyle brand while also bringing a well-established menswear offer and its loyal and resilient customer base.

“With White Stuff’s strong presence on the high street and significant potential for sustained growth, we are committed to supporting Jo and her talented team with their ambitious roll out strategy to further increase its store and concession estate.

“We are excited to be the next custodian of this important British brand which would not be where it is today without the dedication of its founders, George and Sean. We would like to thank them for building such a great business and wish them well in their future endeavours.”

Jenkins added: “This is a very exciting moment for White Stuff and represents the natural next step for our business. It builds on the hard work and success the brand has achieved in recent years. TFG London is the ideal owner for our business.

“They value our brand, have a wealth of premium retail experience, and will be excellent long-term owners to support White Stuff’s next phase of growth.