JSE-listed retailer TFG, formerly known as The Foschini Group, reported a 11.7% rise in online retail turnover to R4.4 billion for the year ended March 2022.
The retailer said online retail turnover contributed 10,2% to total group retail turnover, evidencing the continuing strong online demand for all its brands.
The company added that TFG Africa saw a 18% growth in online retail turnover and now contributes 3,1% to total TFG Africa retail turnover.
TFG London reported a 13.8% increase in online retail turnover and now contributes 45,2% to total TFG London retail turnover.
The group added that TFG Australia online retail turnover increased by 26,9% and now contributes 9,3% to total TFG Australia retail turnover.
TFG acquired Quench, with effect from 3 December 2021, for a consideration of R141,8 million.
Quench is a premium multilateral digital shopping platform that has developed a new distribution channel in the marketplace.
“The addition of Quench to TFG’s existing portfolio of brands will further position TFG as a leading omni-channel retailer in Africa.,” said TFG.
“The acquisition is expected to give the Group access to fast, reliable delivery across South Africa and to proprietary software and engineering capability that brings a scientific approach to planning, least-cost routing and asset utilisation.
“The acquisition is a key step to enabling TFG’s inclusive economy ambitions and will contribute to the continued growth in TFG’s online turnover.”