FOSCHINI BUYS CORICRAFT, VOLPES AND DIAL-A-BED
The Foschini Group (TFG) has announced that it’s in the process of buying Tapestry Home Brands. The three brands owned and operated by Tapestry are the furniture retailer Coricraft, the branded bedding retailer Dial-a-Bed and home textile retailer Volpes.
As part of the purchase, TFG will also acquire The Bed Store.
Business Insider reports that Tapestry’s own, locally manufactured product accounts for 47% of net sales, employing a total of approximately 2 500 people, with manufacturing facilities located in Cape Town, Johannesburg, and Gqeberha. Tapestry operates in 175 stores across South Africa, Namibia and Botswana.
The TFG team said that the three business segments, namely living, linen and bedding, are run on a decentralised basis by a strong management team. Tapestry was established in 2005.
Once this acquisition has gone through, TFG will own several of South Africa’s most popular and well-known consumer brands. These include @home, @homelivingspace, Coricraft, Volpes, Dial-a-bed, The Bed Store, Granny Goose and Biggie Best as well as its most recently acquired brand Jet Home.
Through acquisitions like this, TFG has also managed to acquire four vertically integrated factories manufacturing mattresses, upholstered furniture, household textiles, duvets and pillows.
With the acquisition, TFG will have a stronghold on the middle to upper-income home décor, linen and furniture market share in South Africa.
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