Phase Eight and Whistles owner TFG acquires White Stuff
TFG London, the owner of Hobbs, Whistles and Phase Eight, has today announced it has acquired British fashion and lifestyle retailer, White Stuff.
This acquisition is a significant milestone in TFG’s strategy to expand its portfolio of brands. It first acquired Phase Eight in 2015 and then later added Whistles and Hobbs to the group.
The acquisition will be funded from the Group’s recently refinanced debt facility.
Justin Hampshire, CEO of TFG London, said: “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.”
Established in 1985 by George Treves and Sean Thomas, White Stuff is a British fashion and lifestyle brand selling menswear, womenswear and kidswear as well as accessories and homeware. In 1991, the company opened its first store in London. Its presence has since mushroomed and it now boasts a portfolio of 113 stores and 46 concessions in the UK in retailers such as John Lewis and Marks & Spencer.
White Stuff has a history of solid financial performance and in its most recent financial report, for the year to 30 April 2024, the business reported a record result with revenue of £154.8 million.
As part of the acquisition, TFG will keep White Stuff’s experienced senior leadership team on board, led by CEO Jo Jenkins. However, the White Stuff’s Founders, George Treves and Sean Thomas, will step down from the board and exit 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.
“Thank you to everyone who has been a part of our journey – we could not have done it without you.”
Jo Jenkins, White Stuff’s CEO, added: “This is a very exciting moment for White Stuff and represents the natural next step for our 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.”
