The Foschini Group Details Its Plans Of Investing R2.1 Billion To Double Local Manufacturing Employment
The Foschini Group Details Its Plans Of Investing R2.1 Billion To Double Local Manufacturing Employment. South African retail giant The Foschini Group announced its plans to invest R2.1 billion in Capex and double local manufacturing employment.
“This strong performance during a period of significant uncertainty is a testament to the resilience of our operating model, management teams and employees,” TFG CEO Anthony Thunström said in a statement. “The Group has continued to invest in its key strategic initiatives, driving both organic and inorganic growth”
“We have opened 274 new stores in South Africa, completed 96 relocations and enlargements, rebuilt or restored 176 looted stores as well as opened 41 new stores in Australia and 8 new stores in London. That’s 2.4 stores a day over the past year! Additionally, we’re making significant investments in expanding our manufacturing capacity,” Thunström added.
TFG will build 10 new manufacturing business units in the coming year, as well as commit more than R600m towards opening in excess of 350 new stores. The investment in increased manufacturing capacity will more than double employment opportunities in the Group’s own factories and strategic non-owned cut-make-trim (CMTs) factories from 5,200 in FY22 to 11,200 by FY26. The R2.1bn Capex commitment for FY23 continues the Group’s strategic investments to further strengthen its differentiated business model and mitigate disruptions to global supply chains.
With 29 retail brands carrying everything from fashion, value, jewellery, accessories, sporting apparel and cellular, to homeware and furniture, TFG is one of the leading retail groups in South Africa. Besides South Africa, TFG Africa also has a presence in Botswana, Zambia, Namibia, Lesotho and Eswatini through various retail brands.
