4 of 2023

Newsletter No 4/3 February 2023

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Truworths International to List on A2X

Leading retail group Truworths International will list its shares for trade on A2X Markets from 5 December 2022.

Truworths will retain its listings on the Johannesburg Stock Exchange (JSE) and Namibian Stock Exchange (NSX) and neither of these listings, nor Truworths’ issued share capital, will be affected by the secondary listing on A2X.

Truworths is an investment holding company whose companies are engaged in the retailing of fashion apparel and accessories, footwear and homeware. The Truworths Group trades under names such as Truworths, Identity, YDE, Uzzi, Earthchild, Ginger Mary, Fuel, Sync, Office London and Loads of Living in South Africa, as well as Office and Offspring in the United Kingdom.

Truworths Group CEO Michael Mark said: “At Truworths, we have a consistent focus on creating long-term value for our stakeholders. By listing Truworths’ shares on A2X we will not only provide our shareholders with the choice of an additional platform on which to transact, but also offer them the opportunity to capture the savings accrued through their lower exchange fees and narrower spreads.”

A2X CEO Kevin Brady commented: “We are pleased to welcome Truworths to A2X. Truworths is an iconic retailer with a remarkable history spanning over 100 years. Such longevity is testament to management’s ability to recognise opportunity and adapt to the needs of the marketplace. The listing on A2X is another example of this.”

The listing will bring the number of instruments listed on A2X to 92 with a combined market capitalisation of R5.3 trillion.

Truworths join Pick n Pay, Mr Price and Woolworths from the retail sector with listings on A2X. Other well-known companies on A2X include; AngloGold Ashanti, Aspen, Exxaro, Discovery, Growthpoint, Implats, Investec, Naspers, Nedbank, NEPI Rockcastle, Prosus, Remgro, Sanlam, Sasol and Standard Bank.

A2X is regulated by the Financial Sector Conduct Authority (FSCA) and the Prudential Authority, being the South African Reserve Bank (SARB), in terms of the Financial Markets Act.   African Retail

Craft and Design Institute (CDI) project to uplift 200 craft and design entrepreneurs with training and a R23 000 grant

Applications are now open until 16 February 2023 at  https://www.thecdi.org.za/page/SCALE

The Craft and Design Institute has launched a new project called SCALE [Supporting Creatives + Accelerating Local Enterprises], supported by the National Treasury’s Jobs Fund. The initiative will see 200 South African craft and design entrepreneurs benefit from bespoke training and mentorship specifically designed for creatives and a boost of R23 000 in grant funding each. Applications are now open for the programme.

The Craft and Design Institute (CDI) is a non-profit company with over 20 years of success in developing creative people, small businesses and the craft and design sector at large in South Africa. The SCALE programme aims to provide growth-oriented informal enterprises looking to grow their revenue, increase their personal income or employ new staff with grant support, access to markets, training, and mentorship.

The SCALE programme brings together a suite of tried and tested services from CDI to support the growth of self-employed business owners in the informal segment of the craft and design sector.

“In designing the project intervention, the CDI has drawn on its 20 years of experience in the sector in successfully delivering market access, capacity development, and in more recent years, financial support to creative enterprises nationally,” says Erica Elk, Group CEO of the CDI.

The project is also supported by contributions from existing funding partners of the CDI, such as the City of Cape Town. It will add value to the agglomeration of services supported by other funders of the CDI, such as the national departments of Small Business Development and Sports, Arts and Culture, the V&A Waterfront and others.

Elk explains that CDI has for a decade had projects supported by the Jobs Fund, and in previous programmes funding has been specifically for larger, more formal businesses.

 “The SCALE programme is different – it is designed for those who may be operating more informally and have an annual turnover of under R1m. It has been designed to reduce barriers – entrepreneurs don’t need to have a registered business, and it enables them to grow personally as entrepreneurs no matter where they are in their business development. The SCALE project is a first for the craft and design sector – and we are casting the net wide to support 200 entrepreneurs across South Africa.”

“Millions of South Africans rely on the informal economy to earn a living; they are either self-employed or employed by informal businesses. The Jobs Fund acknowledges that growth in this area is important in building an inclusive economy. The SCALE programme acknowledges the value of the ideas and services that informal/micro entrepreneurs bring to communities and to the economy as a whole,” says Najwah Allie-Edries, Head of the Jobs Fund.

Support offered through SCALE covers the most cited main areas of need identified by individual business owners in this segment: access to markets, finance, and capacity development.

Individual Business Assessments will be offered to successful applicants to assist in creating a roadmap. This will be followed by three months of specially designed training (via online learning), the facilitation of participation in the CDI’s national product market platform www.PEEK.org.za, and the development of an intervention/action plan for the R23 000 grant disbursements. The grant can be used to purchase equipment and/or other professional services.

Successful applicants will also get administrative support to the value of R5 000 and a total allocation of airtime/data to the value of R3 000.

Applications are now open until 16 February 2023 on the CDI website: https://www.thecdi.org.za/page/SCALE

The first cohort of 100 selected entrepreneurs will start on the programme in April 2023.  


Want To Know How Ostrich Leather Belts Are Made? Find Out How

Ostrich leather belts are a luxurious and stylish accessory that can add a touch of elegance to any outfit. The process of making an ostrich leather belt is a multi-step process that includes tanning, cutting, stitching, and finishing. Each step is important in creating a high-quality, long-lasting belt. The process begins by selecting high-quality ostrich hides, which are carefully inspected for any defects or damage. The hides are then tanned to preserve the leather and make it suitable for use in various products. The leather is then cut, stitched and finished to create a beautiful and durable ostrich leather belt. In this guide, we will explore the process of making an ostrich leather belt, including the importance of each step and the techniques used to create a high-quality final product.


Tanning is an essential step in the process of making an ostrich belt. It is the process of preserving the leather and making it suitable for use in various products. The hide is transformed into a durable, strong, and flexible material that can be used in a wide range of applications.

The most common method of tanning used for ostrich leather is chrome tanning. Chrome tanning is a chemical process that uses chromium salts to preserve the hides and make them suitable for use in products such as belts. The hides are first soaked in a solution of chromium salts and then left to soak for a period of time. This process causes the hides to take on a soft, flexible texture, and a distinctive light blue color.

Another method of tanning that can be used for ostrich leather is vegetable tanning. Vegetable tanning uses natural tannins from plants to preserve the hides. This process takes longer than chrome tanning and the end result is a stiffer, more durable leather. Vegetable tanning can produce a more natural looking leather, but it’s a more time-consuming process.

Once the tanning process is complete, the leather is washed and dried to remove any remaining salts or chemicals. After that, the leather is ready to be cut, stitched and finished to create a beautiful and durable ostrich leather belt.


After the tanning process, the next step in making an ostrich leather belt is cutting the leather to the desired shape and size. This step is done by experienced craftspeople who use specialized cutting tools, such as knives and shears, to carefully cut the leather to the desired shape and size.

The leather is first marked with a pattern, indicating where the cuts need to be made. The craftsperson then carefully cuts the leather along the marked lines, making sure to follow the pattern closely to ensure a precise and accurate cut.

During the cutting process, the leather’s natural grain and quill patterns must be taken into consideration. This is to ensure that the final product is visually appealing and that the quill patterns are presented in an attractive way.

The edges of the leather are also burnished to give a smooth finish and prevent fraying. This step is important to ensure the longevity of the belt, as frayed edges can be a weak point that can cause the belt to break or wear out quickly.

The cutting step is crucial for the final product, as a precise and accurate cut will ensure that the belt is the correct size and shape, and that the quill patterns are presented in an attractive way. This step requires a lot of skill and experience, as even small mistakes can have a big impact on the final product.


After the leather is cut to the desired shape and size, the next step in making an ostrich leather belt is stitching. This step is done by experienced craftspeople who use specialized stitching tools, such as needles and waxed thread, to carefully stitch the leather pieces together.

The stitching is usually done by hand, which allows the craftsperson to have more control over the process and ensure a precise and accurate stitch. This is important because a poorly stitched belt can be weak, and may break or wear out quickly.

The craftsperson uses a strong, waxed thread to ensure durability and to prevent the stitching from coming undone over time. The wax on the thread also helps to repel water, which can prolong the life of the belt.

During the stitching process, the craftsperson must take care to ensure that the stitching is even and consistent, and that the thread is tight enough to hold the leather pieces together but not so tight that it causes the leather to stretch or become misshapen.

The stitching step is crucial for the final product, as a precise and accurate stitching will ensure that the belt is strong and durable, and that it will last for a long time. This step requires a lot of skill and experience, as even small mistakes can have a big impact on the final product.


The final step in making an ostrich leather belt is finishing. The finishing process includes polishing, dying, and conditioning the leather. This step is done by experienced craftspeople who use specialized tools and techniques to give the leather a smooth and shiny finish, and to protect the leather from cracking or drying out.

Polishing is an important step in the finishing process as it gives the leather a smooth and shiny finish. This can be done by hand using a soft cloth or by using specialized polishing machines. The leather is buffed and polished to give it a smooth finish and a high-gloss shine.

Dying is another important step in the finishing process. Leather can be dyed to a variety of colors to match the desired look for the belt. Dyeing the leather can enhance the appearance of the quill patterns, making them more prominent.

Conditioning the leather is also an important step in the finishing process. Leather conditioners are specially formulated to nourish the leather and protect it from cracking or drying out. This helps to keep the leather soft, supple, and protected from external factors.

The finishing step is crucial for the final product, as polished, dyed and conditioned leather will ensure that the belt is visually appealing, and that it will last for a long time. This step requires a lot of skill and experience, as even small mistakes can have a big impact on the final product.


Each step is important in creating a high-quality, long-lasting belt. Each step requires skill and experience, and even small mistakes can have a big impact on the final product. The end result is a durable, high-quality ostrich leather belt that is both stylish and functional.

Pepkor – voluntary trading update

Group revenue for the three months ended 31 December 2022 (the “quarter”) increased by 6.5% to R24.3 billion.

From a traditional retail perspective, the Clothing and general merchandise, Furniture, appliances and electronics and Building materials segments in aggregate (“Retail segments”), increased revenue by 8.2%. Revenue in the Fintech segment decreased by 10.0% due to the planned change in the product mix of the Flash business, as previously reported.

Trading performance during the quarter was negatively impacted by unprecedented levels of electricity disruptions, notwithstanding 70% of stores being able to trade during load shedding through back-up power systems. The impact of load shedding was more pronounced in the rural and deeper outlying areas where the group’s retail footprint has higher representation. The number of trading hours lost during the quarter increased by 221% on the comparable quarter last year.

Looking ahead, higher levels of inflation are expected in the coming winter season and customer affordability remains a key priority for merchandise teams

Truworths – voluntary trading statement and update

During the first 26 weeks (from 4 July 2022 to 1 January 2023) of the Group’s 2023 financial period (the ‘current period’) Group retail sales increased by 13.7% to R11.3 billion compared to the first 26 weeks (from 28 June 2021 to 26 December 2021) of the 2022 financial period (the ‘prior period’ or ‘Dec-2021’).

In the current period, account sales comprised 52% (Dec-2021: 51%) of Group retail sales, with account and cash sales increasing by 16.5% and 10.8%, respectively, relative to the prior period.

At the end of the current period approximately 77% of Truworths Africa’s turnover was covered by back-up power. The Group continuously assesses the back-up power needs of its stores and will install additional or extend existing back-up power solutions where appropriate. Notwithstanding these efforts, load shedding is likely to have had a negative impact on retail footfall, and consequently on retail sales, especially in malls without back-up power.

Retail sales for the Group’s UK-based Office segment increased in Sterling terms by 13.6% to GBP40 million relative to the prior period’s GBP123 million. Office’s trading space decreased by 3.8% compared to Dec-2021 and is expected to decrease by approximately 9% for the 2023 financial year as the business continues to exit marginal and loss-making stores as leases expire or lease breaks become available.

The Group estimates its earnings per share and headline earnings per share for the current period, on an undiluted basis, to be within the ranges reflected below:

Dec-2022 estimated increase
*EPS: 11% – 14%
*HEPS: 8% – 11%

Dec-2022 estimated range (cents)
*EPS: 503 – 516
*HEPS: 485 – 498
The Group’s interim results for the current period are scheduled for release on or about Thursday, 23 February 2023.


Fast Fashion Facts You Might Not Know

60% of Clothes Are Made With Plastic-based Materials

On top of CO2 emissions being one of the major sources of pollution deriving from the fast fashion industry, garments are also a huge source of microplastics. A large portion of clothing made today uses durable and cheap materials such as nylon or polyester. It is estimated that approximately 60% of fast fashion items are produced with plastic-based (which is made from fossil fuels) fabrics. Throughout their life cycles, these fabrics are significantly contributing to the worldwide plastic pollution crisis. With each wash and dry, especially the latter, sheds microfilaments that move through our sewage systems and end up in waterways. Researchers estimate that half a million tons of these contaminants reach the ocean each year.

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