Premium international womenswear brand, Phase Eight, announces that The Foschini Group (TFG) has acquired a substantial majority shareholding in the business in a transaction that values Phase Eight at £238 million. TFG is one of the leading independent retail groups in South Africa with over 2,200 stores and 17 retail brands which trade clothing, jewellery, accessories, sporting and outdoor apparel and equipment, cellular goods and services, and homeware. The management team of TFG believes Phase Eight will combine well with TFG’s current brands, with the store and concession portfolio creating a potential platform for the expansion of certain TFG’s brands internationally. Phase Eight Chief Executive Officer, Ben Barnett, said: “This is a very exciting development for Phase Eight and represents a strong validation of our growth strategy over the past five years. TFG’s brand portfolio and management team are a great fit with Phase Eight and our focus on developing strong relationships with department store partners will stand us in good stead to continue our strong track record of growth. The Phase Eight management team is committed to leading the company during this next phase and I am greatly looking forward to what the future has in store.”

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