South Africa firm takes over Hobbs

HOBBS has become the latest British retailer to fall into South African hands after it was bought by The Foschini Group.

The deal saw private equity owner 3i sell the women’s clothing store for an undisclosed sum, although a price tag of £80m has been mooted.

Hobbs has 140 outlets globally and booked revenues of £120m last year.

Foschini, which also owns fashion stores Phase Eight and Whistles in the UK, said it will look to enhance Hobbs’s online presence. Foschini chief executive Ben Barnett said: ‘Hobbs is a strong British brand with rich design heritage.’

But the deal comes at a difficult time for the High Street, with retailers struggling as Brexit-fuelled inflation hits the sector.

Data yesterday from the British Retail Consortium showed that growth in non-food sales hit a record low in October ahead of the critical Christmas trading season.