The Foschini Group (TFG) will soon own Coricraft and Dial-a-Bed. It has entered into a purchase agreement with the owner of Tapestry Home Brands for R2.3 billion. The 17-year-old Tapestry employs approximately 2,500 people.
It has manufacturing facilities in Cape Town, Johannesburg and Gqeberha.
TFG CEO Anthony Thunstrom says the move will see more manufacturing locally.
Source: eNCA
In other news – Gigi Hadid to donate entire fees for Fashion Week to Ukraine and Palestine
The 26-year-old supermodel – whose father, Mohamed, is an Arab Palestinian – announced on Sunday that she will be pledging the money she makes from her Autumn 2022 shows to those suffering in both war-torn countries, after being inspired by fellow catwalk beauty Mica Arganaraz, 29.
She wrote on Instagram: “Having a set Fashion Month schedule has meant that my colleagues and I often present new fashion collections during heartbreaking and traumatic times in history. Learn more