White Stuff, a British fashion retailer, has been acquired by TFG London.
- Founders George Treves and Sean Thomas will exit the company post-acquisition.
- Current CEO Jo Jenkins will continue leading the 39-year-old business.
- White Stuff plans to expand its retail footprint under TFG’s ownership.
- The acquisition heralds a new growth chapter for White Stuff.
In a significant industry development, British fashion retailer White Stuff has been acquired by TFG London for an undisclosed sum. This acquisition marks the exit of founders George Treves and Sean Thomas, who are stepping down from the board and leaving the company. The strategic move is aimed at facilitating White Stuff’s next phase of growth, with the backing of TFG, a South African entity known for owning reputable fashion brands such as Hobbs, Whistles, and Phase Eight.
Jo Jenkins, who has been at the helm as CEO since 2018, will continue to lead White Stuff. Jenkins expressed confidence in TFG as an owner, highlighting the potential for exponential growth and stating, “There is so much opportunity for us as a business and I feel very positive as we start our next chapter.” Notably, TFG London has confirmed that there will be no redundancies planned in this transition phase.
Established in 1985, White Stuff boasts 113 stores and 46 concessions in the UK, present in prominent retail environments like John Lewis and Marks & Spencer. The ambition is to expand their physical retail presence further across the UK under TFG’s guidance. Beyond domestic boundaries, the company also operates six stores and 25 concessions within Europe, maintaining a robust online and wholesale portfolio with 606 global stockists.
The fiscal health of White Stuff is noteworthy, with a record revenue of £154.8 million reported in the fiscal year ending 30 April 2024. The company generated an EBITDA of £8.6 million, showcasing strong foundations. A significant portion of its revenue streams from both the physical store estate and online operations, supplemented by international and wholesale engagements.
TFG London’s CEO, Justin Hampshire, articulated his vision for White Stuff’s journey forward, committing to support Jenkins and her team in aggressively expanding the store and concession presence. Simultaneously, TFG aims to invest in bolstering the brand’s online presence to amplify growth and consumer engagement. Hampshire remarked, “We are excited to be the next custodian of this important British brand.”
Reflecting on this strategic shift, co-founder George Treves expressed his sentiments regarding the departure: “We have spent over 40 years building [White Stuff] from the ground up. We have achieved more than we ever dreamed possible, thanks to the incredible dedication of our team, the support of our customers, and the commitment of our suppliers.” Treves believes this transition is the right step forward for White Stuff, entrusting TFG with the brand’s bright prospects.
The acquisition of White Stuff by TFG London signals a promising chapter of growth and expansion for the iconic British retailer.
