TAKE A LOOK | TFG bought Jet for R480m in 2020, now it has 10 stand-alone Jet Home stores

Jet Home standalone store in Heidelberg, just outside of Johannesburg. (Image: Business Insider South Africa/Ntando Thukwana)

  • The Foschini Group bought Jet for R480 million in 2020; now, it has brought back Jet Home and has ten stand-alone stores.
  • The group began rolling out stand-alone Jet Home stores three months ago, after launching the home offering inside its existing Jet stores in August.  
  • Over the next few years, TFG plans to open over 100 more Jet stores, which will see its footprint grow to over 500 stores.
  • For more stories, go to www.BusinessInsider.co.za.

In 2020, during the infancy of the Covid-19 pandemic in South Africa, apparel retailer TFG bought Jet stores for almost R500 million. Now it is growing its newly-launched homeware offering, Jet Home, already at 10 stand-alone stores in a matter of months.

The retailer, which also owns Markham and Sportscene, snapped up Jet from struggling Edcon in a deal that cost it R480 million. It followed Edcon’s decision to initiate business rescue proceedings after years of financial trouble.

TFG acquired 425 Jet stores from Edcon, later relaunching Jet Home stores inside 345 existing Jet stores. It opened its first stand-alone Jet Home store on 28 October 2021 and has managed to open nine more since.

The stand-alone stores offer Jet Home’s full range of home fashion, while traditional Jet stores only carry a limited range of home products.

“We plan to have ‘store within a store’ concepts in the larger Jet stores as well as more standalone stores,” Stuart Baird, TFG’s group director for retail, told Business Insider South Africa.

Jet Home covers most home categories, with a focus on functionality and design, he said.

“Our home range expands beyond bedroom and bathroom and covers kitchen, outdoor and décor with trendy products at great value,” he said.

While the retailer already offers homeware under its more upmarket @home brand, the Jet Home brand helps it gain a footing in the value segment of the homeware goods sector where retailers such as Mr Price Home and Pep Home dominate. 

In a recent financial results presentation, TFG’s CEO Anthony Thunström said Jet Home helps it grab market share in the R12 billion value homeware sector.

“We want to see Jet have an appropriate share of that, and we are going to grow it over the next couple of years,” he said.

“Back in 2016, Jet Home was doing turnover of close to R2 million, this was then neglected and dwindled to almost nothing over the next couple of years, we are now very excited to be relaunching Jet Home in 345 selected and suitably sized Jet stores,” Thunström said at the time.

The resuscitation of Jet Home is one of the first big fixes TFG has embarked on since acquiring the brand last year. It has also set a target to grow its footprint by 100 stores over the next couple of years.

We visited a standalone Jet Home store, here’s what it looks like:

Bedroom and bedding department

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Bedroom and bedding department. (Image: Business Insider South Africa/Ntando Thukwana)

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Bedroom and bedding department. (Image: Business Insider South Africa/Ntando Thukwana)

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Bedroom and bedding department. (Image: Business Insider South Africa/Ntando Thukwana)

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Kiddies bedding. (Image: Business Insider South Africa/Ntando Thukwana)

Bathroom department

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Bathroom department. (Image: Business Insider South Africa/Ntando Thukwana)

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Bathroom ranges. (Image: Business Insider South Africa/Ntando Thukwana)

Kitchenware, dining ware and appliances

Dining and tableware. (Image: Business Insider South Africa/Ntando Thukwana)

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Crockery. (Image: Business Insider South africa/Ntando Thukwana)

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Kitchen essential. (Image: Business Insider South Africa/Ntando Thukwana)

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Appliances. (Image: Business Insider South Africa/Ntando Thukwana)

Patio and outdoor products

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Outdoor and patio accessories. (Image: Business Insider South Africa/Ntando Thukwana)

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Patio, braai and outdoor accessories. (Image: Business Insider South Africa/Ntando Thukwana)

 Home decor

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Home decor pieces. (Image: Business Insider South Africa/Ntando Thukwana)

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