South African billionaire, Michael Lewis has increased his stake in TFG, the retail giant behind brands including Foschini, Markham, Sportscene and Jet, after spending R83 million ($5 million) on additional shares.

The purchase, disclosed in a regulatory filing on June 13, saw Lewis acquire about 1.4 million shares at R59 apiece, increasing his holding in one of Africa’s largest fashion and lifestyle retailers.

The transaction nearly doubled Lewis’s direct stake in the company and reinforces the Lewis family’s long-standing ties to TFG, which has grown from a South African clothing retailer into an international retail group with operations spanning Africa, the United Kingdom and Australia.

TFG operates more than 5,000 stores across 23 countries and employs over 50,000 people. Its portfolio includes some of South Africa’s best-known retail brands, including Foschini, Markham, Sportscene, Totalsports, Fabiani, Jet, @home and Coricraft.

The share purchase comes at a time when South Africa’s retail sector is grappling with weak consumer spending, high borrowing costs and uneven economic growth. Despite those challenges, TFG has continued to expand its omnichannel capabilities and strengthen its presence across key international markets.

Lewis has served as chairman of TFG since 2015, continuing a family association that stretches back decades. His father, Stanley Lewis, was instrumental in building Foschini into one of South Africa’s leading retail businesses after acquiring a controlling stake in the company in the 1980s.

Today, TFG ranks among Africa’s largest listed retailers, with a business spanning fashion, footwear, jewellery, homeware and sporting goods. The company has increasingly diversified its earnings beyond South Africa through acquisitions and expansion in the UK and Australia.

The latest purchase adds to Lewis’s exposure to the retailer and comes as investors closely monitor consumer-facing businesses for signs of recovery amid improving inflation trends and expectations of lower borrowing costs.

While insider purchases do not necessarily predict future share performance, transactions of this size often attract attention because they increase ownership by key company insiders and highlight their continued financial commitment to the business.

For TFG, the deal underscores the enduring influence of the Lewis family in one of Africa’s most prominent retail empires, as the company continues to pursue growth across domestic and international markets.