36 of 2021

                        Newsletter No 36 / 23 Settember 2021                           

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SARS NRRT inspected a 40ft container load

SARS NRRT inspected a 40ft container load at one of the licensed depots in City Deep. The consignment was declared as playing cards imported from China to South Africa via the Durban harbour to City Deep.

The inspection uncovered a full container load of various clothing items with a declared customs value of R550 000.00 but which were falsely declared as playing cards. The clothing has been detained pending further steps while a criminal case was opened with SAPS for smuggling and fraud.

SARS Commissioner Edward Kieswetter said the organisation was committed to making it hard and costly for non-compliant taxpayers and traders. He said such non-compliance, trade in illicit goods and criminal activities destroy the economy and in turn leads to job losses, inequality and poverty.

“Most importantly these criminal activities reduce the revenue that SARS collects so as to enable the government to render basic services to the poor and vulnerable such as old age grants, schools, clinics and a vaccine roll-out programme to deal with the Covid-19 pandemic.

“We will remain vigilant and maintain a zero-tolerance approach towards illicit trade in any product because that is what our legal mandate requires us to do,” Mr Kieswetter said.

Truworths’ annual profit rises as lockdown eases

Fashion retailer Truworths International Ltd reported a 26.8% increase in annual profit on Thursday as Covid-19 lockdown restrictions eased in South Africa.

The global apparel industry is recovering from a punishing 2020, when shops were forced to close to prevent the spread of Covid-19 and consumers switched formal dresses and shirts for sweat pants and loungewear. Many shoppers were also defaulting or delaying paying their credit accounts.

While there have been no hard lockdowns in South Africa since stores reopened in May 2020, consumer spending remains subdued in the wake of various restrictions that also hit economic growth, employment and shopper numbers as the country experienced second and third waves of infection, Truworths said.

In Britain, where the company owns shoe chain Office, trading conditions have been “exceptionally challenging” amid the closure of its stores for 18 weeks due to

Retail Sales

Headline earnings per share, the main profit measure in South Africa, rose to 520.3 cents in the 52 weeks ended 27 June from 410.4 cents in the prior comparable period. The group also reduced its expenses by 13.5% and increased trading margin to 13.8% from 7.8%, which resulted in trading profit jumping 75.1% to R2,3bn ($158,9m).

Retail sales inched up 0.5% to R17bn, with Africa business sales up 5.5% while Office sales declined by 17.4% in sterling terms and by 13.1% in rand terms. Truworths declared a final cash dividend of 118 cents, up from 31 cents in 2020.

Office, which has been closing loss-making or marginal stores and cutting costs in a drive to return profitability, plans to decrease its trading space by a further 12% after closing 31 stores.   Bizcommunity

Gareth Kemp is the new CEO of Ares Holdings

Ares Holdings Group, the distributor of apparel brands Under Armour, Birkenstock, Crocs and 2XU in southern Africa, has appointed Gareth Kemp as its new chief executive officer, succeeding Neil Scheibe who will remain on the company’s board.

Kemp was instrumental in establishing the Ares Group in 2016 and has since occupied the role of managing director of Under Armour since its launch in South Africa. He has been a key player in the larger business, supporting exiting CEO Scheibe in growing the brands and their distribution as well as establishing the systems infrastructure and teams required to position the business as a foremost distributor of global brands.   Source: Bizcommunity

Nigerian artisans sign MoU to build Aba leather and garment cluster

Nigerian artisans, who are key stakeholders in the planned development of the Aba Leather and Garment Cluster at Umunneato in the Obingwa local government area of Abia, recently signed a memorandum of understanding (MoU) with Total Value Integrated Services Nig. Ltd, the cluster’s developer, to start the project. The cluster will host 15,000 shops.

The project is expected to be inaugurated in 2023.

The artisans are from the Leather and Allied Product Manufacturers Association of Abia State (LEPMAAS) and the Union of Tailors and Fashion Designers of Abia (UTFD), a news agency reported.

Speaking at the event, LEPMAAS President, Mazi Okechukwu Williams, said that Gov. Okezie Ikpeazu had ordered the stakeholders to commence work on the site two months ago, but that it was delayed to set somethings right.

The cluster would reportedly make the artisans and their children shop owners for life.

The cluster would require over N30 billion and would have facilities like a police station, banks, a fire service post, CCTV cameras, hotels and other services.

                                                                                                            Did you know……..

Facts about fabric

Microfibre or Ultrasuede was invented over 20 years ago in Japan.  Microfibre is the thinnest of all man-made fibres, even finer than silk.  it is 100 times finer than a human hair.

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