When TFG swooped in to acquire Jet from the wreckage of Edcon’s collapse in 2020, it was seen as a risky move.
The value clothing brand, once a mainstay of SA malls, had already been fraught by years of falling sales, shrinking margins and supply chain snags before the crippling blow of the Covid-19 lockdowns. But five years on and the picture has seen a dramatic change with Jet now a pillar in TFG’s value strategy.
TFG paid R385.3m for Jet in a deal that would ultimately pay off handsomely. At the time, Jet’s gross profit margins lagged the group’s Africa business and it was operating in a highly competitive market against value retail giants Pep and Ackermans.
Yet TFG saw potential. Within six months, the group had successfully integrated 425 Jet stores into its operations, saving more than 5,600 jobs, improving gross margins from 36% to 40% and laying the groundwork for a remarkable turnaround.
In just its first year with TFG, Jet’s turnover increased from R2.2bn in 2021 to more than R5bn in the 2022 financial year.
But the reinvention did not stop at financial performance. Jet has extended its offering beyond clothing with the launch of Jet Home in 2022. Rolled out across 380 stores and 11 test locations, Jet Home has tapped into the demand for affordable household goods, one of the fastest-growing retail categories.
More recently, Jet has tightened its grip on the value beauty market, adding dedicated departments to 155 stores in the 2025 financial year, while planning to double that footprint by the end of June.
Credit turnover rose 5.6% to R1.5bn in its 2025 financial year, and store revamps delivered a 17.1% lift in turnover. Another 25 store upgrades are in the pipeline for this financial year, alongside 11 new Jet outlets and five Jet Home stores, TFG said in its annual results presentation.
‘Value stack’
This signals renewed energy and relevance for Jet which was once weighed down by its former owner.
According to MP9 Asset Management chief investment officer Aheesh Singh, the acquisition of Jet was a strategic move that allowed TFG to fill a critical gap in its portfolio by entering the value retail market, a segment where it previously had limited presence.
He said the integration not only anchored the group’s “value stack” but also demonstrated TFG’s ability to acquire and turn around a large, distressed business without losing focus on its broader operations.
Singh said Jet has strengthened TFG’s competitiveness.
“With Jet, TFG has established a much stronger position in the value retail market. This is an important segment, especially given the current economic pressures on consumers in SA. Jet has reshaped TFG’s presence in the local market,” he said.
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