truworths
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south african retailers have been buying up european companies to reduce their reliance on the rand, which has tumbled over the past year. truworths bought office, the uk shoe chain, for £256m in december and steinhoff backed out of a bid for argos last week, preferring to buy darty, the french electronics chain, for £673m .
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models wear selections from the whistles menswear range, launched in 2014. photograph: pr image
whistles, the high street fashion chain, has been bought by the foschini group in the latest move by a south african retailer into the british market .
foschini, which last year bought phase eight in the uk, has acquired the 46 whistles stores and its online business and will use the combined operations to expand in the northern hemisphere, the company said. it did not disclose the sale price .
since the launch of whistles as a women’s fashion brand in 1976 by husband - and - wife team richard and lucille lewin, its fortunes have fluctuated. it was in the doldrums and perceived as frumpy in 2008 when jane shepherdson, formerly of topshop, joined as chief executive with a 20% stake .
shepherdson turned whistles into a “topshop for grownups”, targeting younger customers rather than the “yummy mummies” who had become its staple .
shepherdson has kept her stake and will continue to run the business after the sale. peter davies, chairman of whistles since 2008 and the former chairman of shoe retailer clarks, has sold his stake .
now the brand’s fans include the duchess of cambridge and samantha cameron and its clothes are stocked by bloomingdale’s in the us and harrods in the uk. foschini said it wanted to expand the company, which added a menswear range in 2014, into new markets .
doug murray, foschini’s chief executive, told bloomberg news: “whistles is an iconic brand and we see enormous growth potential for the brand in the uk and also internationally. we have a management team in place on that side and will start working with the whistles team from today. ”
last year steinhoff bought pepkor, south africa’s biggest retailer, which has launched pep & co as a discount clothing chain in the uk. christo wiese, south africa’s fourth richest man who owns a big stake in pepkor, last year paid £780m for a majority stake in new look, the british fashion retailer .
foschini bought whistles from mundur, an icelandic investment company, bloomberg said. whistles was part of the retail empire controlled by baugur, the icelandic group that entered administration in 2009 during iceland’s banking crisis. the uk chain was refinanced and became an independent company .
© 2018 guardian news and media limited or its affiliated companies. all rights reserved .
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truworths is a cape town-based , south african clothing retailer , with 728 stores in south africa , and 49 elsewhere in africa . founded as the alliance trading company in 1917 , truworths sells clothing under a number of different brands , including truworths man , uzzi , and ltd , employs over 11,000 people , and generates over r18 billion in annual revenue . in december 2015 , truworths acquired the uk shoe chain office holdings for £ 256 million . 
truworths is a cape town-based, south african clothing retailer, with 728 stores in south africa, and 49 elsewhere in africa. founded as the alliance trading company in 1917, truworths sells clothing under a number of different brands, including truworths man, uzzi, and ltd, employs over 11,000 people, and generates over r18 billion in annual revenue. in december 2015, truworths acquired the uk shoe chain office holdings for £ 256 million.
truworths is a cape town-based, south african clothing retailer, with 728 stores in south africa, and 49 elsewhere in africa. founded as the alliance trading company in 1917, truworths sells clothing under a number of different brands, including truworths man, uzzi, and ltd, employs over 11,000 people, and generates over r18 billion in annual revenue. in december 2015, truworths acquired the uk shoe chain office holdings for £ 256 million.