Newsletter No 22 /20 June 2025
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Jet reaches new heights in TFG’s value push
by Nompilo Goba
Jet store. Picture: Supplied
TFG paid R385.3m for the value clothing brand in 2020 in a deal that would ultimately pay off handsomely
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. 
Student fashion creatives are all geared up for the Hollywoodbets Durban July as they battle for the Young Designer Award
Student fashion creatives are all geared up for the Hollywoodbets Durban July as they battle for the Young Designer Award. Image: Supplied
Hollywoodbets Durban July provides a platform for student fashion creatives to showcase creations for the Young Designer Award.
Mzansi’s top student fashion creatives dazzled audiences on Saturday as the HollywoodbetsDurban July Young Designer Award, presented by Durban Fashion Fair, announced its top 10 finalists.
The selection followed an impressive showcase by 25 semi-finalists from accredited fashion institutions across KwaZulu-Natal. Each contestant presented original designs interpreting the 2025 theme, “Marvels of Mzansi”—a celebration of South African identity through its landscapes, cuisine, entertainment and traditional ceremonies.
Judging took place at the Hollywoodbets Greyville Racecourse during the Hollywoodbets Gold Challenge, offering a fitting lead-up to Africa’s Premier Horse Racing and Fashion Event on 05 July, when the final top three designers and eventual winner will be revealed.
Before the big day, the 10 finalists will present their collections at a glamorous gala evening on 27 June at the Gateway Theatre of Shopping. They will be joined by participants of the Invited Designer Showcase presented by Dove, and the DFF Rising Stars Collection, forming part of the wider Hollywoodbets Durban July Fashion Experience..
Judges Vuyisile Ngobese (Hollywood Foundation) and designer Sandile ‘Duke’ Mngadi applauded the high calibre of work and innovation shown by the students. Guest judge Phupho Gumede K, a renowned pan-African stylist, commended the platform for nurturing future fashion leaders and influencing cultural trends.
Students who didn’t make the top 10 are encouraged to participate in the Raceday Fashion Competitions on 05 July, which include categories like Most Striking Couple and Classic Racewear.
Finalists: Sinekamva Xali, Mpilo Sithole, Nothile Mkhungo, Andile Cele, Neliswa Gcwabaza, Manqoba Mnguni, Buhle Sicwebue, Irene Price, Queenton Mjweni, and Khethokuhle Thango.
Tickets for the event are available from Ticketpro and Payzone Kiosks at SPAR stores nationwide The South African
General Goods & Handbags settles
The General Goods & Handbags Sector of the National Bargaining Council of the Leather Industry of SA (NBCLI) settled on a 5.5% wage increase on 10 June. The agreement comes into force on 01 July.
The Footwear Sector has not yet settled
Foschini – changes to the board
The Board of Directors of the Company (the ‘Board’) advised shareholders of the following changes to the Board and Board Committees as noted below.
These changes are the outcome of the Nomination Committee and Board’s continuous review of board composition, succession planning and board renewal and aims to align the Company with evolving corporate governance requirements and best practices. Due consideration has also been given to the Board’s independence policy – introduced in 2023 progressively over a three-year glide path – such that after this three-year period, a non-executive director with tenure of more than 12 years will no longer be categorised as independent. This policy will be fully implemented by the end of the 2026 calendar year.
The Board announced the appointments of Gcina Zondi and Bridgitte Backman as independent non-executive directors of the Company with effect from 12 June 2025 and 1 September 2025, respectively.
Changes to the classification of directors
The following directors, previously classified as Independent Non-executive Directors, are now classified as Non- executive Directors of the Company, with effect from 12 June 2025, based on their tenure being longer than 12 years. This follows the Board’s annual review of the classification of directors and with due consideration for the Board’s independence policy as referenced above:
– Michael Lewis
– Ronnie Stein
– Eddy Oblowitz
Doug Murray, a non-executive director of the Company, who was due to retire by rotation at the Company’s annual general meeting on 4 September 2025, has indicated that he will not offer himself for re-election. He will therefore be retiring from the Board with effect from 4 September 2025, following the conclusion of the Company’s annual general meeting. He will also step down as a member of the Risk Committee and as a director of the Group’s UK and Australian subsidiaries’ boards and committees. Doug has served as a non-executive director for 6 years and the Board would like to thank him for his valuable contributions over this period.
SENS.
Wardrobe Malfunctions
Joe Maher / Getty Images
Salma Hayek wore a velvet Gucci gown to the 2022 BAFTAs. Afterwards, she shared pictures of her windswept wardrobe malfunction on Instagram, captioning it, “Sometimes in an effort to cover something other things show up more.”
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