TFG’s online shopping platform Bash killing it

The Foschini Group (TFG) has released its annual results for the year ended 31 March 2024, and reports that its online retail now contributes 4.2% of retail turnover.

It said this growth was largely attributable to the performance of its e-commerce platform, Bash, in South Africa.

TFG’s overall online turnover grew 22% to R5.6 billion, contributing 9.9% to total retail turnover.

“Bash continued its outstanding growth during the year and Thunström confirmed that breakeven for the e-commerce platform had been brought forward,” TFG stated.

“Bash is now the number one South African fashion and lifestyle app and saw a 45% increase in first-time shoppers.”

Significantly, full price sales increased 63% and multiband sales increased 83%.

TFG says this demonstrates the cross-shop opportunity and power of a single platform for customers to shop the group’s brands.

The company said its revenue was up 8.9% to a record R60.1 billion, with retail turnover grew 44.4% in the past year.

It posted a record R16.1 billion gross profit, and earnings before interest and taxation grew 24.9% to a record R4.2 billion.

After-tax profit was flat, increasing 0.18% from R3.026 billion to R3.031 billion.

Launched in July 2022 by industry veterans Claude Hanan and Luke Jedeikin, Bash brought all of TFG’s brands together in a single online platform.

Hanan and Judeikin founded Superbalist and are ex-Takealot executives.

Bash sits in TFG’s tech hub, TFG Labs, which has set its sights on establishing TFG as the continent’s biggest and most profitable e-commerce destination.

It also aims to transform TFG into a high-tech omnichannel retailer.

TFG launched the first phase of a new 75,000-square-metre distribution centre in Riverfields, Kempton Park, in November.

TFG said the distribution centre will help it revolutionise fulfilment costs, operating capacity, and omni-channel capabilities.

“This facility will not only enhance our operational efficiency and scalability, but also enable us to deliver a superior customer experience across all our channels.”

TFG says the new distribution centre is its first step to consolidate 13 sub-scale distribution centres, with aims to improve efficiency and responsiveness.