Foschini Group to create 1000s more jobs with investment in clothing industry
Paula Luckhoff | Bruce Whitfield interviews Anthony Thunström, CEO of The Foschini Group (TFG).
The Foschini Group (TFG) plans to increase its investment in the local clothing industry, creating thousands more jobs.
The clothing manufacturer and retailer released its results for the year ended 31 March, reporting a 32% increase in turnover to a record R43.4 billion
Despite the continued challenging trading environment, the Group says it continues to invest in growth opportunities in South Africa.
Bruce Whitfield interviews TFG CEO Anthony Thunström, who says they started this journey well before COVID struck, seven or eight years ago.
The real rationale behind all of this has been to shorten our supply chains and to make us much more agile and responsive to changing fashion trends.Anthony Thunström, CEO - TFG
We've seen really fantastic results coming out of that strategy... certainly over the last three to four years we've upweighted our local manufacturing, both through our own factories and dedicated, strategic third party CMTs (Cut, Make, and Trim).Anthony Thunström, CEO - TFG
Looking ahead a lot still remains to be done says Thunström.
"We're growing units substantially as the business continues to grow."
The Group is currently at 72% local manufacturing - that's for South Africa and the SADC region as a whole.
This long-term strategy has largely insulated Foschini against the majority of ongoing supply chain disruptions and resulting cost increases, Thunström adds.
He outlines the impact of the new investment in SA
We currently employ just over 5,000 people in our own and dedicated factories. We have planned out for the next 12-18 months another ten manufacturing units - which applies to a team of 200-500 people... so even at a conservative estimate that's 2,000 employees...Anthony Thunström, CEO - TFG
For more on this good news story listen to the interview on The Money Show:
This article first appeared on CapeTalk : Foschini Group to create 1000s more jobs with investment in clothing industry