London – the South African retail group
which acquired international women’s wear label Phase Eight last year, is
said to have it sights set on taking over another high street staple:
Whistles.
The British fashion retailer has taken on advisers at KPMG to help prepare
for a potential sale and has already received interest from a number of
prospective buyers, according to the Sunday Telegraph. News of the possible
acquisition comes as the Group continues to search for new areas of growth.
If Foschini does succeed in acquiring Whistles, it it will the latest South
African company to take over a British retailer.
Last year saw Brait, the investment vehicle held by South African
billionaire Christo Wiese, purchase . In
addition, South African Truworths acquired footwear retailer
It remains unclear if Foschini is interesting in acquiring a controlling
stake or full control of Whistles. Chief Executive Officer of Whistles,
former Topshop boss Jane Sheperdson continues to own a considerable stake
in the fashion retailer, following when she help plan the management
buy-out of Whistles in 2008, with the backing of Icelandic investment firm
Baugur. The deal, which saw Sheperdson and the senior management team take
a 20 percent stake, was refinanced a year later, when Baugar fell into
administration.
Whistles most recent accounts indicated an annual sales increase of 9
percent to 63 million pounds, which will dampened by pre-tax losses of 2.4
million pounds following the retailer’s foray into the US and menswear
launch. In addition, account show the company also spent an additional
434,000 pounds on its runway show held during London Fashion Week.
At the moment, Whistles currently counts 49 stores throughout the UK, as
well as 76 concessions in UK and US department stores such as Harvey
Nichols, Selfridges, Harrods and Bloomingdales.
Photos: Whistles Facebook