Cape Town, South Africa — South African billionaire Michael Lewis has significantly bolstered his investment in the retail giant TFG, shelling out R83 million ($5 million) to acquire additional shares. TFG, a retailer renowned for brands such as Foschini, Markham, Sportscene, and Jet, spans over 5,000 stores across 23 countries and employs more than 50,000 people.
The strategic move, disclosed in a regulatory filing on June 13, saw Lewis purchase approximately 1. 4 million shares at R59 each, nearly doubling his direct stake in the company. This acquisition comes as investors await a potential recovery in South Africa’s consumer sector.
TFG’s journey from a local clothing retailer to an international retail group, with operations in Africa, the UK, and Australia, is a testament to the Lewis family’s involvement. Michael’s father, Stanley Lewis, played a pivotal role in transforming Foschini into a leading retail brand. Today, TFG is one of Africa’s largest listed retailers, with a diverse portfolio including fashion, footwear, jewellery, homeware, and sporting goods.
Despite the retail sector’s current challenges, including weak consumer spending and high borrowing costs, TFG has expanded its omnichannel offerings and strengthened its global footprint. Lewis’s increased stake in TFG is a signal of his commitment to the company’s future growth, both domestically and internationally.
*Additional reporting by ImNews | Sources consulted: 5*
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This original article was produced by the ImNews editorial team
Source: Africa.businessinsider
Source: Ayodeji Adegboyega
