Just two years after launching, TFG’s digital retail platform Bash has cemented itself as a dominant force in SA’s fashion and lifestyle e-commerce space, reaching profitability well ahead of schedule and establishing itself as the backbone of the group’s retail future.
Launched in 2023, Bash was designed to unify TFG’s previously fragmented online presence, consolidating more than 15 separate brand websites into a single, customer-centric platform. Within six months, the app had surpassed a million downloads. By the end of that year, downloads had reached 3.8-million, with more than 1.2-million active users.
Bash’s strategy centres on delivering a seamless, personalised omnichannel experience. This includes extending its technology into physical stores, allowing customers to browse wider product ranges in-store, and building a mobile app that integrates product discovery, purchasing and store-locator features into one slick, user-friendly interface.
The platform’s early success has been underpinned by its data-driven approach and tight operational execution. By leveraging insights from its rewards programme and maintaining a disciplined cost base, Bash has been able to scale rapidly while improving profitability, delivering on growth and margin.
In TFG’s full-year results to end-March, released on Friday, the group confirmed Bash had become profitable two years ahead of initial projections.
“It has taken a couple of years of hard work and investment to get there,” said TFG CEO Anthony Thunström.
“The beauty of an online business is that you can control your fixed costs, so when your customer base and sales grow, profitability scales with it.”
Online sales at TFG Africa rose by 43.5%, with Bash driving most of it. Digital sales accounted for 5.8% of total TFG Africa sales, up from 4.2% previously.
But Bash’s influence stretches well beyond direct online transactions.
“They are becoming a much more meaningful part of the business and attracting a lot of customers, not just those who shop on the app,” said Thunström.
“Many customers research products on the app, use the store locator, and then visit stores to buy. We can track all of that, and it has picked up significantly.”
The platform’s rapid ascent puts it in direct competition with more established players such as Superbalist, founded in 2010 by Luke Jedeikin and Claude Hanan, who also cofounded Bash.
After being acquired by Takealot in 2014, Superbalist was sold in 2024 to a consortium led by Blank Canvas Capital, after rising market pressure from fast-growing Chinese entrants Shein and Temu. The sale marked a strategic pivot for Takealot as it narrowed its focus.
While Superbalist has struggled to sustain momentum, Bash has continued to grow and diversify, fast becoming SA’s leading fashion and lifestyle digital platform.
TFG Africa, meanwhile, delivered a strong second half for the year, with sales up 7%. The rebound reflects a normalisation from the inflated base of the prior year and operational efficiencies across the business, with Bash at the centre of the group’s next phase.
TFG reported an increase in full-year earnings due to second-half growth in Africa, margin expansion and accelerating online sales across all regions.
Headline earnings per share (HEPS) rose 4.6% to 1,015.6c.
Group revenue increased 4.1% to a record R62.6bn, while gross profit grew 6.7% to R28.8bn. Operating profit also hit a new high, rising 4.4% to R6.2bn with the gross margin up 150 basis points to 49.4%.
The group declared a final dividend of 230c per share, up 15% from the previous year. Online sales remained a standout performer, contributing 12% to group sales, up from 9.9% before.
The UK division benefited from the acquisition of White Stuff in October 2024, helping drive sales up 16.4%. Online contributed nearly 45% to UK sales. In contrast, TFG Australia faced continued consumer pressure, with sales down 2.6%.
TFG opened 181 stores during the year and plans to open more than 100 more in this financial year. The expansion will target underpenetrated regions rather than major metros.
“We expect continued improvement in operating margins and capital returns in 2026 and beyond,” said Thunström.
TFG Africa’s momentum has carried into the new financial year, with sales up 9.9% in the first eight weeks to May 24.
Update: June 8 2025
This story now includes comment from TFG's CEO and more background information.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.