TFG London, the parent company behind Hobbs, Phase Eight, and Whistles, has officially acquired White Stuff, a British retailer known for thoughtfully designed fashion and lifestyle products.
This acquisition is a part of TFG London's medium-term strategy to expand its brand portfolio, marking its fourth acquisition after Phase Eight, Whistles, and Hobbs. The acquisition will be funded through TFG London’s recently refinanced debt facility.
Founded in 1985, White Stuff boasts a substantial high-street presence with 113 UK stores, 46 concessions, and a growing international footprint.
According to TFG London, White Stuff has a history of solid financial performance, with annual revenue reaching £154.8m and EBITDA of £8.6 as of April 2024. With over 85% of its revenue from in-store and online sales, White Stuff notably also benefits from its wholesale and international operations, which include 606 wholesale stockists worldwide.
TFG London intends to support White Stuff’s ambitious growth strategy, including store expansions and strengthening the brand’s digital presence.
Justin Hampshire, CEO of TFG London, expressed enthusiasm over White Stuff’s addition to the company’s portfolio: "We are thrilled to welcome the White Stuff 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.
"With White Stuff’s strong presence on the high street and significant potential for sustained growth, we are committed to supporting Jo and her talented team with their ambitious rollout strategy to further increase its store and concession estate. Simultaneously, TFG London will continue to invest in the White Stuff brand and online offer to drive further awareness and growth."
Jo Jenkins, CEO of White Stuff, views the acquisition as a natural progression for the business: "It builds on the hard work and success the brand has achieved in recent years. TFG London is the ideal owner for our business. They value our brand, have a wealth of premium retail experience, and will be excellent long-term owners to support White Stuff’s next phase of growth."
George Treves, co-founder of White Stuff, stated: "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. While this decision was not an easy one, we believe it’s the right next step for White Stuff and know that TFG is committed to providing White Stuff with new opportunities for growth."
TFG London’s acquisition of White Stuff not only extends its reach in the UK and Europe but also reinforces its commitment to enhancing brand presence and customer engagement across its portfolio.
Additionally, it highlighted the retention of White Stuff's senior leadership team, led by CEO Jenkins, and all colleagues across the business. meanwhile, its founders Treves and Sean Thomas will be stepping down from their roles.
This acquisition follows White Stuff weighing the potential sale of its business earlier in February after an unsolicited takeover proposal from a potential buyer.
