Newsletter No.40 20 October 2017
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Deacons East Africa to negotiate sale of Mr Price to SA retailer
NAIROBI, Kenya – Deacons East Africa Plc has received board approval to enter into negotiations for the sale of the Mr Price franchise in Kenya. The move comes after Mr Price Group Limited approached Deacons EA with a proposal to purchase the franchise.
The proposed transaction will be subject to various conditions that include requisite approvals from regulatory authorities and the shareholders of Deacons through a shareholders’ meeting to be convened once the sale agreement has been finalised.
The South African company is looking to purchase the Mr Price Home and Mr Price apparel brands following the success of the brands in Kenya. The brands have been operating in Kenya since 2007. The company says it sees Kenya as a lucrative market that it can rely on to grow its business. The deal, if approved, will see the firm purchase and operate all the 11 Mr Price Home and Mr Price apparel stores in Kenya.
In a cautionary statement, Deacons’ chief executive officer Muchiri Wahome said further information relating to the proposed deal will be circulated to the company’s shareholders prior to a shareholders’ meeting to consider the proposed transaction.
“In the meantime, the shareholders of Deacons and other investors are advised to exercise caution when dealing in the shares of the Company,” he said. Wahome assured the company’s shareholders, customers and the general public that Deacons, which operates the F & F, Bossini, Adidas, 4 u 2, Truworths and Lifefitness brands, is committed to expansion and is actively seeking new opportunities for growth.
Pichulik and Weylandts collaborate on Capsule collection
Weylandts and Pichulik have collaborated on a newly launched range of jewellery exclusive to the furniture retailer.
The Pichulik Capsule Collection comprises six necklaces and five bracelets, all grounded in neutral tones, are striking and sculptural with natural elements, reflecting the raw, earthy Weylandts spirit. There are bold, larger pieces and some are more delicate. A few of the neckpieces are designed to be versatile and allow for upper neck coverage one day and a longer length pendant the next.
“When approached, we looked to Weylandts’ design DNA and their use of metallics, contemporary African lines and textures that are evocative of the Southern African landscape, and incorporated these elements into our designs through the use of bold silhouettes and beadwork accents,” says Pichulik’s Katherine-Mary Pichulik.
The Pichulik Capsule Collection will complement the TM Collection at Weylandts, an eclectic range of attire, accessories and bags in carefully selected fabrics, luxurious textures, prints and embroideries founded by Teresa Martins and introduced into Weylandts in 2013.
“We invited Pichulik to create a line of bespoke jewellery that adds a distinctly African element to our globally inspired TM Collection, and we are thrilled with the pieces, as the bold, inspiring designs with an emphasis on quality and craftsmanship, are a natural fit with the Weylandts brand,” explains Kim Smith, director at Weylandts.
The Capsule Collection is now available in the Weylandts Greenpoint store, and it will be available in Gauteng later in the year.
Each piece will be exclusively made to order and can be viewed on the Weylandts website or in the Green Point store.
Nigeria’s RMRDC initiates revival of garment sector
Nigeria’s Raw Materials Research and Development Council (RMRDC) has initiated the process of accelerating local production of garments for domestic and international markets to reduce imports. As part of the efforts, the council recently trained cotton farmers and organized a two-day workshop in Kaduna for workers in the cotton, textile and garment sector.
Over 150 members of the Nigerian Tailoring and Fashion Designers Association participated in the workshop organised in collaboration with El-Jahab Mubarak Nigeria Limited.
The country’s textile industry, which had over 250,000 jobs in 1997, is now at an all-time low with less than 20,000 employees, a Nigerian newspaper report quoted to RMRDC director general HD Ibrahim as saying. A recent study showed more textile units are closing down.
Out of more than 250 operational mills in the 1970s, less than 25 are currently in production. Cotton turnover too reduced from NGN 8.2 billion to NGN 300 million between 1980 and 2012.
Ibrahim attributed the bad situation to host of factors, including obsolete machinery, high interest rate, inadequate infrastructure and lack of improvement in the local sourcing of raw materials.
GG Awolehin, deputy director in RMRDC’s planning division, recommended setting up of a national textile council to coordinate affairs of the sector.
Did you know………
The word ‘jeans’ comes from the cotton pants worn by “Genes,” the local term for Genoan sailors.
The average American owns 7 pairs of blue jeans.
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