The local furniture and textile manufacturing industry is set to receive a welcome boost following final Competition Commission approval for The Foschini Group to acquire Tapestry Home Brands, which includes the Coricraft, Dial-a-Bed, The Bed Store and Volpes brands.

Since acquiring Cotton Traders, the manufacturing arm of the Granny Goose business, in September last year, The Foschini Group (TFG) has boosted employment by 20%.

"The factory is running at full capacity, and we are planning a R20-million factory expansion," says Shani Naidoo, TFG's group director for the homeware division.

The investment fits in well with the Department of Trade, Industry and Competition's Master Plan for the South African Furniture Industry. A document released in April last year reveals that the South African furniture industry has seen a steady decline in employment over the past 20 years, dropping from more than 50,000 in 2020 to just more than 40,000 in 2019.

TFG already sources 73% of its clothing apparel locally, and expansion plans include the creation of about 10,000 jobs between now and 2026.

R600-million in capex has been allocated towards 342 new stores or 92,000m2 of new retail space, which is expected to bump revenue up by about R3.8-billion.

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