White Stuff is sold to South Africans for £50 million

Clearance Sale: White Stuff was founded in 1985

White Stuff has been acquired by South Africa-based retail company The Foschini Group (TFG).

It is understood that TFG, which also owns Hobbs, Whistles and Phase Eight, will pay around £50m for the High Street fashion chain.

TFG has said it plans to further expand White Stuff’s portfolio of stores and concessions following positive recent growth for the brand.

The retailer, founded in 1985, has 113 stores and 46 concessions in Britain. Revenues for the company grew to a record £154.8 million in the year to April.

White Stuff chief executive Jo Jenkins will continue in this role, while founders George Treves and Sean Thomas will step down from the board and leave the company.

Treves, co-founder of White Stuff, said the sale to TFG is “significant and emotional” for him and Sean Thomas.

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