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.
Fashion giant VF Corp has reported healthy earnings across its brands for its third quarter, raising its outlook for the full year.
Boden has appointed former Urban Outfitters boss Glen Senk to the board, to serve as non executive director effective immediately.
London’s only fashion retail outlet centre London Designer Outlet (LDO) has reported its 15 th consecutive year of growth, boosted by the school summer holiday. LDO saw total revenues rise by 4.7 per cent compared to the same six-week period last year, thanks to a nine per cent jump in sports and footwear sales. Like-for-like sales also shot up seven per cent during the period, excluding new stores
Value retailer The Works is planning to invest £5.3 million to open 60 new stores and create 600 new jobs as part of the latest phase in its expansion strategy. The retailer currently boasts 398 stores across the UK, but by the time its ongoing expansion drive is complete by 2022, it should have 650.