Newsletter No. 25 06 July 2018
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Ready Right Now (Pty) Ltd v Glodina a division of KAP Homeware (Pty) Ltd
The Commission has recommended to the Tribunal that the proposed transaction be approved, without conditions, whereby Ready Right Now (Pty) Ltd (RRN) intends to acquire Glodina, a business division of KAP Homeware (Pty) Ltd.
RRN is newly incorporated for purposes of the proposed transaction. RRN’s name will be changed to Glodina Towelling (Pty) Ltd, pending approval of the transaction. RRN is controlled by the Industrial Development Corporation of South Africa Limited (IDC).
Glodina is a supplier of towels and related products and is well-known through its brand, the Glodina Black Label. Glodina’s product range is used in the hospitality and healthcare industries and its customers include major retail stores and hotel groups. However, Glodina is currently closed and not operational.
The Commission’s investigation found that while the IDC may be considered a substantial player (through its various shareholdings) in the terry towelling market, the proposed transaction is unlikely to result in anti-competitive effects due to there being substantial imports which constrain local players, including those entities controlled by the IDC, amongst other factors. In light of the above, the Commission is of the view that the proposed transaction is unlikely to substantially prevent or lessen competition in the relevant markets.
In addition, the Commission is of the view that the proposed transaction is likely to have a positive impact on employment, as 211 previously retrenched workers will be reinstated. The transaction is also likely to have a positive impact on the textile industry, in particular the Hammersdale community where Glodina’s factory is located, as Glodina’s facilities will re-open and manufacturing will resume.
Local fashion brand, Julz, embarks on overseas expansion
By Kimberley Clare
In four years, footwear and handbag brand, Julz, has grown from an idea to a multi-million Rand business with 200 stockists across South Africa. And now its founder, Julie Oates, is taking the brand to the UK’s largest fashion trade event, Moda.
Before launching Julz, Julie’s entrepreneurial experience includes owning Pixel Shoes, a popular footwear store in Port Elizabeth. And it was from her experience working with footwear wholesalers, listening to the needs and wants of her customers and her passion for business that Julz was born.
A high-end brand, Julz features shoes and handbags in each season’s collection, using only the best quality leather, with the latest designs featuring ostrich leather and feathers. Talking about the brand’s success, Julie says: “Attention to detail, high quality materials, investment in research and development to ensure our shoes are stylish and comfy, and running a lean operation has really contributed to the success of Julz. I want to mimic the success we’ve had in South Africa in Europe, and Moda is the best place to start.”
Experiencing steady growth, the tipping point came when a chain of 19 stores started stocking Julz with future growth expected to come from overseas retail opportunities. “We’re still a young business, but our growth has been rapid but steady, in our first year we grew by 200% in terms of turnover,” remarks Julie.
From August 5th through to the 7th, the high-end fashion brand will be in front of 9,000 fashion buyers from across Europe at Moda, and Julie will be able to network with other industry decision makers and show the fashion world what South African brands have to offer. “We’re the only South African brand at Moda 2018 out of the 1,200 exhibitors,” beams Julie.
Published in Business, Economy, Finances, Banking and Insurance
South African Long4Life acquires footwear – clothing brand Rage
South African investment firm Long4Life recently acquired Rage Distribution Proprietary Limited, a footwear, apparel and accessories retailer. Rage, which has 555 stores across the country, presents an exciting opportunity to build on Long4Life’s existing lifestyle brands platform with additional cross-selling opportunities, the company said in a statement.
Rage is managed by an experienced management team headed up by Jeffrey and Merle Gochin. Both will continue with Rage with their team and will also become significant shareholders of Long4Life post the acquisition. Jeffrey will be appointed as a director to the Long4Life board.
Long4Life CEO Brian Joffe said: “Rage is an exciting addition to the expanding Long4Life portfolio. We see an opportunity for significant developments in this company’s footwear, apparel and accessory offering. There is also scope for synergies between our existing brands and Rage, which we believe will offer exciting future growth and position Rage for further market penetration.” F2F
Nigerian bank launches N1 bn fund for fashion entrpreneurs
Nigeria’s Bank of Industry (BoI) has set aside 1 billion Naira (N) to support fashion entrepreneurs involved in production and marketing of clothes, handbags, shoes, jewellery and other fashion accessories. The bank said it will also support initiatives that can improve financial literacy and industrial entrepreneurship development for fashion industry players.
Only companies owned or promoted by Nigerians, and specifically, limited liability companies will be considered, Nigerian news outlets reported citing a notice posted on the bank’s website.
The maximum amount that a person can receive is N30 million. The loan tenure is five years and it is payable from a maximum period of 12 months from the date of loan disbursement. F2F
Did you know……..
What were main 1920’s Fashion trends that characterized the era?
The main 1920’s Fashion trends for women were:
● Short Flapper style clothes that provided freedom of movement
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