South African billionaire Michael Lewis has increased his stake in TFG, the retail giant behind brands including Foschini, Markham, Sportscene and Jet, after spending R83 million ($5 million) on additional shares.
The purchase, disclosed in a regulatory filing on June 13, saw Lewis acquire about 1.4 million shares at R59 apiece, increasing his holding in one of Africa’s largest fashion and lifestyle retailers.
The transaction nearly doubled Lewis’s direct stake in the company and reinforces the Lewis family’s long-standing ties to TFG, which has grown from a South African clothing retailer into an international retail group with operations spanning Africa, the United Kingdom and Australia.
TFG operates more than 5,000 stores across 23 countries and employs over 50,000 people. Its portfolio includes some of South Africa’s best-known retail brands, including Foschini, Markham, Sportscene, Totalsports, Fabiani, Jet, @home and Coricraft.
The share purchase comes at a time when South Africa’s retail sector is grappling with weak consumer spending, high borrowing costs and uneven economic growth.
