TFG London, owner of Hobbs, Whistles and Phase Eight fashion brands, is pleased to announce the acquisition of British fashion and lifestyle retailer, White Stuff.
White Stuff was founded in 1985 and specialises in unique, thoughtfully designed clothing and accessories for women, men and children. White Stuff is a growth business and has 113 stores and 46 concessions in the UK (with John Lewis, Marks & Spencer and other quality independents) with a strong new store opening pipeline. The business also operates 6 stores and 25 concessions across Europe. The brand also sells internationally via its website and has 606 wholesale stockists (178 in the UK and Ireland and a further 428 internationally).
White Stuff has a history of solid financial performance and in the year to 30 April 2024, the business reported a record result with revenue of £154.8m and EBITDA of £8.6m. Over 85% of revenue was generated from the store estate and online, with the remainder generated from its international and wholesale operations.
TFG London is pleased to be retaining White Stuff’s experienced senior leadership team, led by CEO Jo Jenkins, and all talented colleagues across the business. White Stuff’s founders, George Treves and Sean Thomas, will step down from the board and leave the business.
This acquisition is a significant milestone in TFG London’s medium-term strategy to add new brands into the Group and it marks the fourth transaction, having first acquired Phase Eight in 2015, followed by the later acquisitions of Whistles and Hobbs. The acquisition will be funded from the Group’s recently refinanced debt facility.
Justin Hampshire, CEO of TFG London, commented: “We are thrilled to welcome the White Stuff team into the TFG London family. We have long admired the White Stuff brand which is synonymous with unique detail and exceptional quality. 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 roll out 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.
“We are excited to be the next custodian of this important British brand which would not be where it is today without the dedication of its founders, George and Sean. We would like to thank them for building such a great business and wish them well in their future endeavours.”
Jo Jenkins, White Stuff’s CEO, commented: “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.
“We would like to thank all our brilliant employees for their contribution in creating the business we have today. We would also like to thank our founders, George and Sean. Without them, none of this would have been possible. There is so much opportunity for us as a business and I feel very positive as we start our next chapter.”
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.”
