South Africa’s Truworths is betting on the launch of new clothing brands as well as entry into the budget-clothing market to support its medium-term growth after reporting a 7% decline in half-year profit on Thursday.
Footwear chain Office is up for sale with reports that its South African owner Truworths is seeking a quick exit from the UK-based brand that has had more than its fair share of problems in recent years.
It’s all-change at Jigsaw as the group sees the immediate departure of CEO Peter Ruis after four-and-a-half years at the helm and reports suggest the firm will announce a new investor in the next few days.
First it was Shop Direct calling off its mega-billions sale and now Kaupthing is believed to have ended the bidding process for its trio of key (but far less valuable) UK fashion brands, Oasis, Coast and Warehouse.
The bidders for Oasis, Coast and Warehouse are reported to include Philip Day, Foschini, Alteri and Truwowrths, but they are believed to have offered less than half the £100m the trio's owners had wanted.
The extension of a preferential US trade deal with African nations has come as a boon to Kenya’s apparel exports which are tipped to 5 per cent to $400 million, according to the Kenya Association of Manufacturers (KAM).