Newsletter No 9/15 March 2024

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TFG to bring JD Sports, the world’s leading retailer of sports fashion, to South Africa

 Anthony Thunström, TFG CEO

TFG (The Foschini Group) today announced that it has signed a franchise agreement with JD Sports Fashion, the leading global sports fashion retailer, to be its exclusive retail partner in South Africa.

JD Sports is a sports fashion retailer of branded sports and casual wear, combining globally recognised brands such as Nike, adidas, Puma and The North Face, with strong private labels, such as Pink Soda and Supply & Demand, to provide an elevated consumer experience.

Anthony Thunström, TFG CEO, said, “We are excited to be the exclusive partner of JD Sports in South Africa. This partnership allows TFG to bring a new compelling international sports fashion offering to the South African market. This further bolsters our existing Sports positioning, with our Sportscene, Totalsports, and Sneaker Factory stores already being the destinations of choice for athletic and leisure sports apparel.”

Regis Schultz, CEO of JD Sports Fashion plc, said, “This franchise agreement is a further milestone in our ‘JD Brand First’ plan, and I am delighted to be working with TFG, one of South Africa’s most respected retailers, as we continue to bring JD’s distinctive offering to more customers globally.”

Thunström added, “Through our Group’s established customer base of more than 35 million South Africans, we are well positioned to introduce the JD brand to the region. We expect to launch the first new physical JD Sports stores by the end of the year.”

The deal marks the next stage of JD’s global growth strategy, and the partnership will enable JD to deliver on the roll out of its ‘JD Brand First’ plan and is a pivotal move in the continued expansion into underpenetrated markets. The signing of the agreement means that TFG will open more than 40 JD stores over the next five years in South Africa.

Strong brand partnerships are in the DNA of both JD and TFG, and the deal will provide substantial opportunity for both JD and TFG to showcase their unique multi-brand, omnichannel propositions. Consumers will benefit from exclusive access to the latest styles from some of the world’s largest brands including Nike, adidas, New Balance, and Under Armour.

SA Fashion Design Full Steam Ahead with Going Green

The country’s premier showcase of top local design, South African Fashion Week (SAFW), is set for its most sustainable green season yet since adopting a clean fashion ethos in 2019.

“Seventy-three percent of designers participating in SAFW Spring/Summer 2024 are committed to responsible fashion production in line with our vision for a non-toxic industry,” says director Lucilla Booyzen.

The event, which takes place at its official home, the Mall of Africa, from 18 – 20 April 2024, will see collections marked by timeless design, innovative modification of locally produced, sustainable fabric, and an emphasis on quality over quantity.

According to Booyzen local support from powerful retailers such as Mr Price, SAFW’s Retail Partner, as well as SAFW’s visionary sponsors such as Mr Price, Mall of Africa, Cruz vodka, Isuzu, and L’Oreal Paris, is critical to bolster this positive development.

“Their financial contribution as well as a deep grasp of how to leverage and align their brands with the soft power of fashion, have allowed designers to develop a growing understanding of the demands of running a sustainable business as creative entrepreneurs.  From our side, we offer support by hosting sale activations linked to our SAFW Pop-Up Shop to eliminate the cost of carrying dead stock.”

On show too at this season’s event, will be the 2023 winners of SA Fashion Week’s Face of Fashion model search, female model, Lushe Wilkins, and male model, Keenan Chetty. First introduced in 2018, the Face of Fashion allows prospective young models to break into the fashion industry because of the visibility afforded by this high-profile platform, says Booyzen.

As is the tradition, the SAFW summer season opens with the much-anticipated Mr Price New Talent Search. This launch pad of so many industry success stories including Lukhanyo Mdingi, MMuso Maxwell, Jacques Bam, Fikile Sokhulu, Sipho Mbuto, Arto Eksteen, and Munkus, will this year see 2023 winner, Cyla Gonsalves, introduce her first full collection. She will be in the company of a fresh line-up of fledgling entrepreneurs comprising:

Belhauzen
Heru Shezi
James Presents
Mother Of Gao
Ngingu
Nhlanhla Masemola
Oddity
Reina Majoko

The Mr Price New Talent Search Collections will conclude with the Mr Price Dollhouse Collection.

“After last year’s stellar showcase of local design talent, we are so excited to be returning to the runway at SA Fashion Week.
This season’s finalists demonstrate a new & fresh perspective within womenswear and we can’t wait for audiences to see them at large this April.”. – Kevin Smit, Managing Director, Mr Price.
SAFW’s longest-standing partner, CRUZ Vodka, consistently comes to the party with its high-octane, Cruz launch party packed with influencers, celebrities, actors, and actresses, as well as The Cruz Collective show, which this year sees the welcome return of Fikile Sokhulu, exciting newcomer, Imprint, and Michael Ludwig, a New Talent Search finalist in 2021.

“Cruz was born from the spirit of New York, so we rally behind the pursuit of success. Success is about the journey, the small wins, the big wins, and the luxury experiences.  Experiences are character-defining and fashion is a daily experience that Cruz is committed to exploring with our SS24 Cruz Collective. Come and experience the pinnacle of luxury with Cruz Vodka, a vodka meticulously crafted for those who seek the extraordinary. #MakeItAnywhere,” says Maisha Mamabolo, Cruz Vodka Brand Manager.

The Bam Collective, Sipho Mbuto, and award-winning designer, businesswoman, and cultural ambassador, Thabo Makhetha, a household name in fashion, conclude the day.

Industry icon, Jacques van der Watt of Black Coffee opens the three-signature ISUZU Luxury Collections show on the second day with a masterful tribute to the multiple ways in which pleating may be used to create intricate creations with a commanding presence. His collection is followed by collections from Franc Elis and Thando Ntuli, the 2022 New Talent Search winner, exploring women’s fashion narratives in South Africa in her new season for her Munkus label.

“Isuzu Motors South Africa is proud to bring together our dedication to style and comfort with the vibrant energy of the fashion industry with yet another collaboration with SA Fashion Week for the SS24 season. As champions of innovation and excellence, Isuzu recognises the parallel values of craftsmanship and creativity in both automotive engineering and fashion design. This partnership is an exciting synergy, allowing us to support and celebrate the ingenuity of South African designers, while also showcasing our shared dedication to sustainability and purposeful progress,” says Ziphindiwe Ngcobo, Department Executive: Marketing at Isuzu Motors South Africa.

The fourth edition of the exciting Fashion Bridges – I Ponti della Moda collaborative project with the Italian Embassy in South Africa, will showcase South African designer, Lezanne Viviers’ earth-conscious, VIVIERS Collection, and a young Italian designer. Viviers completed a mentorship programme with Polimoda Fashion School in Florence in 2023.

Leemisa Tsolo, Head of Asset and Property Management – Retail at Attacq Limited, owners of the Mall of Africa says that they are thrilled to collaborate with SA Fashion Week as they recognise the growing designer among their consumers to embrace a modern, distinctly African fashion ethos.

Cape Town-based designer, Helen Gibbs’s 2024 Helon Melon collection will reflect a palette of gentle colours as a reminder that softness is all we need to remember as we change seasons.

She is joined by SAFW stalwarts and industry darlings, menswear designer, Ephraim Molinguana of Ephymol and Hangwani Nengovhela of the Rubicon womenswear label, both epitomising tailored craftsmanship and effortless style.

A flourishing finale closes the second day with leading beauty house, L’Oréal Paris, bringing a stellar cast of thirty celebrities to the SAFW runway for the country’s first “Walk Your Worth” tribute to women’s empowerment with a collection by Birgit Gibbs of Biji la Maison de Couture.

“As a feminine and feminist brand, we continue to champion women’s empowerment, and are thrilled to have women of this calibre grace the L’Oréal Paris runway”, says Burkhard Pieroth, President of Sub-Saharan Africa for L’Oréal Paris.

The final day opens with a vibrant group of womenswear entrepreneurs. They are Cape Town-based swim and resort wear label, Beach Cult, as well as Isabel de Villiers, and Lesley Witter of Heart and Heritage, who also heads up the collaborative local designer retail space, Convoy.

According to Booyzen, SAFW believes regional and intercontinental collaborations, such as the Fashion Bridges project with the Italian embassy as well as the designer exchange with Mozambique Fashion Week, are critical in working towards a responsible fashion industry.

“These ventures allow us to share skills and insights, open unexplored business opportunities, and ultimately, to extend the sphere of our respective creative visions for a clean fashion future beyond our familiar borders,” she says.

The three Mozambiquan designers that will participate at SAFW this season are Sania Bacar who will show with GugubyGugu, Ezokheto, and E_Mania as well as Shaazia Adam and Omar Adelino who will join South Africa’s Leon Von Solms, and Sun Goddess for the grand finale.

“The future of fashion in Africa hinges on the identification and generation of opportunities for emerging talents who transform their creativity into unique forms of expression, acting as catalysts for a new way of viewing the world and influencing its development. The bridge we are building between MFW and SAFW stands as proof of the capacity and ingenuity these two platforms display toward crafting a new method and a new vision for showcasing Africa to the world,” says Mozambique Fashion Week Chief Executive Vasco Rocha

‘Carlton Hair prides itself on quality, professionalism, and sustainability. Partnering with SAFW is a perfect synergy as we feel they focus on the same attributes. We also both strongly believe in education and development. Being involved with SAFW allows us the opportunity to be inspired by upcoming beauty, clothing, and hair trends,” Cindy Gorman

Limited tickets for sale on Quicket 

Pick n Pay – appointment of new company secretary

The company advised that Vaughan Pierce will take over from Penny Gerber as company secretary of the Pick n Pay Group with effect from 14 March 2024. Penny Gerber CA (SA) has been appointed as the Group’s Head of Corporate Affairs, and with her extensive experience spanning over 20 years with the Group will provide the executive management team with valuable support as the Group advances its two-step capitalisation plan.

Truworths – announcement regarding TRUW.ZW

Investors are referred to the public notice issued on 11 March 2024 by the Zimbabwe Stock Exchange (“ZSE”) regarding the voluntary suspension from trading on the ZSE of the shares of Truworths Ltd. (incorporated in Zimbabwe) (“TRUW.ZW”) with effect from 7 March 2024.

The public notice advised that the said suspension was for a period of three (3) months so as to provide TRUW.ZW with the opportunity to address the going concern aspects of its business, and ensure compliance with ZSE Listing Requirements regarding the publication of audited financial statements for the year ending 9 July 2023.

In the interests of clarity Truworths International advised as follows:

• TRU.ZW is an entirely different legal entity and separate from both Truworths International and Truworths Ltd. (incorporated in South Africa) (“Truworths SA”), which is the Group’s principal retailing subsidiary in South Africa
• The said suspension has been requested by the board of TRUW.ZW and approved by the Securities and Exchange Commission of Zimbabwe
• The Group has a 34% shareholding investment in, and non-executive director representation on the board of, TRUW.ZW
• The investment, which has been held since 2002, has been acquired at a non- material cost and has been fully impaired by the Group in prior years
• The trademarks utilised by TRUW.ZW in terms of the trademark use agreement with Truworths SA are owned by and remain the property of the Group
• No financial assistance, whether in the form of loans, guarantees or otherwise, has been provided by the Group to TRUW.ZW
• There is no operational involvement by the Group in the business and affairs of TRUW.ZW.

The public notice states that the ZSE has requested the board of TRUW.ZW to provide a roadmap on how it aims to resolve the challenges the company currently faces, and advises that TRUW.ZW will issue an announcement in this regard in due course.

Homechoice final results December 2023

Revenue for the year came to R3.7 billion (2022: R3.7 billion) and operating profit grew 28.4% to R619 million (2022: R482 million). Profit and total comprehensive income for the period attributable to owners of the parent increased by 8.8% to R335 million (2022: R308 million). Furthermore, headline earnings per share went up 7.2% to 309.3 cents per share (2022: 288.5 cents per share).

Dividend declaration

Notice is hereby given that the board has declared a final gross cash dividend per ordinary share (dividend) of 83.0 cents (66.4 cents net of dividend withholding tax) for the year ended 31 December 2023, being a 7.8% increase on the prior period’s 77.0 cents.

Looking forward

Weaver Fintech’s track record of growth and profitability is expected to continue with enhanced profitability as our fintech ecosystem develops. Cross-selling products digitally across our scaling and sizable customer base will continue to drive ecosystem engagement and efficiencies. Our expertise in developing digital information technology platforms is a key element to deliver innovative products to attract and retain our customer base.

Investment in product diversification and digital cross-selling will drive our contribution of fee income to the group’s revenue.

Our Retail business is well positioned for growth, taking advantage of the new credit risk strategy and combined with the restructured cost base, is well placed to return to improved levels of profitability in 2024.

The group’s growth momentum has continued into 2024, in line with our expectations.

Fast Fashion Companies Generate More Pollution Than International Aviation and Shipping Combined 

Given its business model, fast fashion is inherently among the most environmentally damaging industires in the world and it is contributing to global pollution and climate change in an astronomical way. If fast fashion were a country, its carbon emissions would rank almost as high as the entire European continent.. The emissions derive not only from the manufacturing process itself but also from the shipment of clothing around the world, as well as their disposal. 

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