TFG London, owner of Hobbs, Whistles and Phase Eight, has acquired British fashion and lifestyle brand White Stuff.
Founded in 1985, White Stuff has 113 stores and 46 concessions in the UK – including John Lewis, M&S and in independents. The business also operates six stores and 25 concessions across Europe. It sells internationally via its website and has 606 wholesale stockists (178 in the UK and Ireland and a further 428 internationally).
In the year to 30 April 2024, the business reported a record result with revenue of £154.8mn and EBITDA of £8.6m. Over 85% of revenue was generated from the store estate and online, with the remainder generated from its international and wholesale operations.
TFG London is retaining White Stuff’s senior leadership team, led by CEO Jo Jenkins, and all colleagues across the business. White Stuff’s founders, George Treves and Sean Thomas, will step down from the board and leave the business.
George Treves, co-founder of White Stuff, said: “Today marks a significant and emotional milestone for Sean and me. We have spent over 40 years building this company 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. Together, we have built something truly special.
“While this decision was not an easy one, we believe it’s the right next step for White Stuff and know that TFG are committed to providing White Stuff with new opportunities for growth.”
TFG added that this acquisition is a significant milestone in it medium-term strategy to add new brands into the Group. It marks the fourth transaction, having first acquired Phase Eight in 2015, followed by the later acquisitions of Whistles and Hobbs. The acquisition will be funded from the Group’s recently refinanced debt facility.
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