Foschini's quite a different company to what it was 10 years ago, when it was purely a fashion business. It's diversified significantly and now offers men's and women's fashions, jewellery, sports, outdoor apparel and equipment and homeware. The Foschini group trades in more than 1 200 stores, making it the foremost speciality retailer in SA. The main negative factor is the huge store base of mainly standalone operations, which suggests that organic growth may be limited at this point in the cycle. Foschini may well have to bring an ever-increasing number of new formats to market in order to maintain its top-line growth, which won't be easy. But management has proved its ability to innovate in the past.