The Foschini Group announced that it is acquiring the entire Tapestry Home Brands for R2.43 billion as it expands into homeware space.

Tapestry’s brands include popular made-to-order furniture retailer, Coricraft; South Africa’s renowned branded bedding retailer Dial-a-bed; home textile retailer, Volpes; and value bedding retailer, The Bed Store.

“The transaction will provide TFG with exposure to new products and categories as well as new customers that will complement the current TFG customer base in existing categories.”

Tapestry operates 175 stores across South Africa, Namibia and Botswana.

Furthermore, Tapestry’s unique business model, with easily scalable local manufacturing and distribution capabilities, is an excellent strategic fit for TFG.