TFG London which owns Hobbs, Phase Eight and Whistle has acquired White Stuff in a deal that allows its founders George Traves and Sean Thomas to step down and leave the fashion business. The deal also sees White Stuff’s senior leadership team including CEO Jo Jenkins remain with the business going forward.
White Stuff generated revenues of £154.8m for the year to 30 April ’24 with EBITDA of £8.6m. It generated more than 85 per cent of its revenues from its physical stores and online operation, with international and wholesale activity contributing the balance. It was founded in 1985 and has 113 UK stores and 46 concessions with John Lewis, Marks & Spencer, and a small number of independents.
Justin Hampshire, CEO TFG London said: “We are thrilled to welcome the White Stuiff team into the TFG London family. The addition of White Stuff to TFG London diversifies and strengthens our existing womenswear portfolio, adding the first lifestyle brand while also bringing a well-established menswear offer and its loyal and resilient customer base.”
White Stuff CEO Jo Jenkins added: “This is a very exciting moment for White Stuff and represents the natural next step for our business. TFG London values our brand, has a wealth of premium retail experience, and will be excellent long-term owners to support White Stuff’s next phase of growth.”
Terms of the sale have not been disclosed but is being suggested that TFG London paid £50m for the business, with White Stuff’s founders and family members due to receive £40m for their combined c.80 per cent stake.
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