Newsletter No 12/5 April 2024

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TFG appoints Ralph Buddle as new CFO

by Katharine Child

Sportscene is one of TFG’s brands. Picture: supplied

CEO Anthony Thunström has been fulfilling the roles of CFO and CEO since December

TFG has announced that Ralph Buddle, head of group finance and advisory at the firm, is now CFO.

CEO Anthony Thunström has been fulfilling the roles of CFO and CEO since the beginning of December. 

One of SA’s largest clothing and homeware retailers, TFG’s brands include Jet, Sportscene, Totalsports, @home, Relay Jeans and Coricraft.

Buddle is an experienced chartered accountant with an extensive understanding of the retail sector, the group said. He was previously interim CFO of fishing firm Oceana Group and a senior finance executive at Woolworths.

Chair Michael Lewis congratulated Buddle on his new role. “We wish him well and look forward to his continued contributions to the group.” 

TFG’s former CFO, Bongiwe Ntuli, resigned in October, and left at the end of November. It is not clear why she left. 

Hatmaker Crystal Birch to open store at Johannesburg’s 44 Stanley

Image supplied

Celebrated hatmaker Crystal Birch is set to open her first standalone store at Johannesburg’s 44 Stanley on 6 April 2024. This new store will allow new and existing Joburg fans to shop the new CB24 collection, titled A:Head.

Crystal Birch is the eponymous label from the Cape Town based milliner who creates and crafts hats that range from classic styles to fashion-forward headwear that perfectly frame the face, complete any outfit, and provide stylish sun protection.

Over the years Birch has collaborated with leading local and international designers, including award-winning Thebe Magugu, MaXhosa Africa and Studio Viviers, and her work has featured on the cover of numerous issues of Vogue, and is favoured by celebrities and change-makers throughout the world, including Trevor Stuurman and Bonang.

Premium materials are carefully selected and transformed by a skilled team at The Hat Factory in Cape Town, who uphold the time-honoured tradition of hatmaking in South Africa.

Inspired by the rugged landscapes and free-spirited essence of the Wild West, each hat in the A:Head Collection exudes a unique personality and style. From the adventurous “Hunter”; to the elegant and timeless “Willow”; the bold and vibrant “Ziggy” to the playful and spirited “Rodeo”; each hat tells a story of empowerment, individuality, and self-expression.

“This collection is a love letter to all the incredible women in our lives,” says Birch. “Our mothers, sisters, friends – it’s about recognising their bravery, confidence and talent, and adorning them with the necessary armour to continue shaping our creative landscape.”

Some of these women are featured in the campaign for the collection. A bevy of ‘Bounty Babes’ are showcased: women who are breaking barriers and leading the frontier in their fields. These include: Rushda Mojee, Kat van Duinen, Jenna McArthur, Kitso Kgori, and Whitney Rhodes. Each hat in the collection is a symbol of empowerment and individuality, designed to inspire and uplift those who wear them.   Bizcommunity

Cillian Murphy and Anne Hathaway officially revealed as new faces of Versace

By Euronews

The new Versace Icons collection campaign has been unveiled today with Anne Hathaway continuing as the Versace Icons woman, and Cillian Murphy representing the Versace Icons men’s collection.

It seems that Donatella Versace has a fondness for Oscar winners, as actors Cillian Murphy and Anne Hathaway have been chosen as the power couple to front the new Versace Icons collection campaign – which has officially launched globally today.

Recent Best Actor Oscar winner Murphy had already been announced as the new face of the Italian fashion house last month. Now, the men’s collection has been launched, offering a “complete wardrobe of daily staples including tailoring, denim, knitwear, shoes, bags, and accessories with immediately recognisable House codes”, according to the Versace website.

The collaboration, reportedly Murphy’s first brand partnership, comes after the Oppenheimer star wore a custom Atelier Versace tuxedo (with a gold Sauvereign brooch we’re big fans of) to the 96th annual Academy Awards last month.

Luxury brand founder and fashion designer Donatella Versace has made a series of posts to her Instagram, celebrating the launch of the new collection.

A caption for a post featuring Murphy’s shoot read: “When I saw Cillian on the set of the shoot, I was the Versace man in him right away. Strong, direct and iconic! Cillian is one of today’s best actors and I admire and respect him so much. I hope you all love the campaign as much as we loved shooting it.”

Celebrating Hathaway’s return to the label, Donatella Versace wrote: “What a talent you are. I am so proud to see your Versace Icons evolution. The collection comes to life when I see you wear it – and your magic comes through in every image. You are… very Versace.”

Rex True interim results December 2023

Revenue for the interim period rose marginally to R480.0 million (R470.8 million) whilst operating profit dipped to R41.4 million (R99.1 million). Profit attributable to equity holders took a knock to R21.7 million (R57.2 million). In addition, headline earnings per share more than halved to 100.3cps (265.2cps).

Company outlook
South Africa’s economic growth is forecasted to be 1% year on year for 2024, an improvement on 2023 but still well below the desired growth levels with energy and logistics being the driving factors behind the low growth forecasts. Managing the associated risks and negative impact on profitability levels in each of the operating segments remain key elements of the company’s strategy.

The group continues to ensure that operating segments have resilient financials and a competitive advantage in their respective industries. In response to the continued power crisis and blackouts, the group is investing in alternative energy sources in order to reduce the current and future adverse impact on operations and profitability.

We will continue to leverage our skills and expertise to optimize our current portfolio of investments while actively pursuing opportunities for expansion and diversification. This approach will position us for long-term success.

More than USD$500 Billion Are Lost from Lack of Recycling and Clothing Underutilisation 

While we are constantly coming up with new, innovative technologies to recycle textiles, we are still not doing enough. It is estimated that less than 11% of fashion brands have implemented recycling strategies for their items. The main reason why recycling is so hard is because of the materials we use to manufacture fashion items. Most are produced with synthetic fibres that are made with crude oil, which makes them almost impossible to reuse in other ways. Fortunately, data shows that the sustainable and ethical fashion market is growing rapidly, offering alternatives that produce clothing with more environmentally friendly materials, that are grown and harvested in a sustainable way, and produced with fewer resources and less toxic materials.

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