South African retail business The Foschini Group (TFG), which owns Phase Eight, Whistles and Hobbs in the UK, has reported a 19.6% rise in retail sales to $2.36bn (£1.86bn) for the year ended 31 March.
TFG owns 28 retail brands across three business segments: TFG London, TFG Africa and TFG Australia. All three delivered “strong turnover growth” during the year despite tough trading conditions, Reuters has reported.
Across the group, online turnover jumped by 57.2% and now accounts for 8.8% of the total. TFG is investing $35m (£27.6m) in technology to adapt to the rise in online shopping.
The retailer has started rolling out radio-frequency identification (RFID) technology to keep better track of inventory and to re-stock clothing racks more quickly in stores. The technology can also be used to see how many store visitors make a purchase.
TFG will also increase stock availability by shipping clothes from bricks-and-mortar stores.
CEO Anthony Thunström said: “Against a backdrop of tough trading conditions and in an environment where the retail sector is facing significant disruption, all three business segments produced strong turnover growth in relation to their respective markets.”