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S&V Weekly Newsletter Vol.4 No.3, January 22, 2018

This Newsletter is sponsored by SAFLIA

Please note: Click on any ad to go to the advertiser’s website

 

Chic: Suppliers urged to be patient while buyer sought

Cape Town (SA) – Leather women's footwear manufacturer Chic Shoes has ceased production while the turnaround practitioner seeks an accommodation with trade creditors and a buyer for the business.
       In a circular to trade creditors on January 15, JJ Oosthuysen of GO-Hi Consulting, who is also interim CEO of Chic Shoes Manufacturing (Pty) Ltd, urged creditors to accept a plan to sell finished stock and non-returnable components, return unused components where possible, and sell the business as a going concern rather than liquidating it.
       He said it was preferable to "avoid formal liquidation procedures", and instead to seek a "co-ordinated short-term solution" to supplier debt, which would include a formula to pay creditors in accordance with their percentage of total supply chain debt.
       He said the proposal required major creditors to halt collection procedures and for the Industrial Development Corporation, the largest creditor - and which would not be part of the payout plan - to accept it. The goal is to find a buyer by March 1.
       Chic has components worth over R3 million, and 14 000 pairs of shoes, boots, sandals and pumps which he estimated could fetch R2.5 million at "promotional prices".
       Chic's liabilities were not listed in the report.
       The factory stopped production on December 15. It reopened on January 11, but only with staff required to assist the practitioner.

 

 

Busby Trading appointment

Johannesburg (SA) – Yianni Constantinides has been appointed MD of the luggage division of Busby Trading. He was previously with African Sales Co. He replaces Duncan Kukard, who emigrated at the end of last year.

 

They Said It

"I apologise…you had asked me to give you feedback when we had our political transition in November – we have always been cautious about discussing political issues openly in Zimbabwe. SA is different, everything is out in the media. Not much has changed since November, the transition has only begun, there’s a lot to fix, we have to give it time!" - A Zimbabwean who is still too wary to have his name quoted.

 

 

Exchange rates

Source: http://www.x-rates.com/calculator/

  Euro € GBP £ US $ Yuan Renminbi ¥
11/12/2017 R15.82 R17.99 R13.40 R2.03
05/01/2018 R14.86 R16.69 R12.33 R1.90
13/01/2018 R15.14 R17.03 R12.41 R1.92
22/01/2018 R14.76 R16.75 R12.08 R1.88

 

 

 

Birthdays this week

23/01/1943: Pat Ward, left industry, ex-RPM Shoes [closed], Durban.
23/01/1944: Gerrie Botha, Steps Shoes @ Barclay, Pretoria.
24/01/1937: Dan Naidoo, Togo Shoes, Pietermaritzburg.
24/01/1969: Yolander Lotter, Comfy Feet Shoes, Jeffrey’s Bay.
25/01/1951: André Pelser, retired, formerly Mossop-Western Leathers, Wellington.
25/01/1973: Reggi Xaba, Zetu Shoes, Durban.
26/01/1958: André Compion, PMC, Pinetown.
26/01/1962: PT Harrower, C&B Harrower Agencies, Johannesburg.
26/01/1973: Lou Harvey, Lou Harvey Company, Durban.
26/01/1982: Adeeb Moosa, Deebo Sales, Cape Town.
26/01/19??: Jeetesh Ambaram, JFK Trading, Durban.
27/01/1969: Ashraf Saley, Nizam’s Enterprises, Azaadville.
28/01/1944: Martina van Jaarsveld, Martina Shoe Boutique, Brandhof.

 

In Memoriam this week

22/01/1997: Charles Lintner, Bata SA, Pinetown.
25/01/2014: Barry Kruger (b. 20/06/1944), Richleigh Shoes [closed] and Corrida Shoes, Pietermaritzburg.
26/01/2006: Victor Ronald (Vic) Van Der Weele (b. 21/10/1916), SA Mercantile [closed], Cape Town.
27/01/2008: Jacob Anagnostakis (b. 03/04/1929), Watson Shoes, Great Brak River.
28/01/2004: David Aaron (b. 12/03/1939), Natal Shoe Components/Natalie Footwear [closed], Durban.
28/01/1997: Peter O'Brien, Buckman Laboratories, Hammarsdale.

Do you have any names you’d like to add to our list of birthdays and In Memoriam? Please send the details.

 

ABSA Agri Trends 14/12: Hides & skins prices

The average hide price over the past week was R11.53/kg green. NB* Hide prices are determined by the average of the RMAA (Red Meat Abattoir Association) and independent companies. The average price for Dorper skins was R35.50, and for Merino skins was R91.86.

Hide & skin price progression
Date Hides/Kg Dorper/Skin Merino Skin
19/01 15.34 45.56 81.38
24/01 15.17 40.92 89.52
31/01 15.10 46.00 94.55
14/02 14.65 47.33 95.29
15/03 14.25 39.30 78.75
24/03 14.13 45.27 94.45
28/03 14.07 45.27 94.45
04/04 14.83 41.92 87.58
11/04 14.68 41.92 84.12
19/04 14.77 43.85 92.32
25/04 14.75 41.25 92.27
04/05 14.79 43.33 92.69
10/05 14.75 40.50 88.41
16/05 14.58 40.83 90.96
31/05 14.62 40.50 87.95
09/06 14.58 41.82 96.35
23/06 14.40 40.42 101.25
29/06 14.30 41.36 98.44
07/07 14.33 43.33 100.94
13/07 14.37 44.44 114.58
28/07 14.14 43.64 97.50
04/08 14.16 43.69 99.64
14/08 14.08 38.99 92.75
18/08 13.70 43.18 98.96
25/08 13.93 43.75 100.96
01/09 13.14 44.09 101.25
08/09 12.88 41.82 100.83
21/09 12.64    
03/10 12.50    
11/10 12.52    
20/10 12.23 39.30 110.23
27/10 12.12 37.30 94.32
02/11 12.19    
10/11 12.24 37.00 101.75
30/11 11.82 32.56 94.25
07/12 11.76 35.50 92.50

 

Trade Fair dates

For a list of local and international trade fairs covering footwear, leather goods, leather and PPE, visit our website: http://www.svmag.co.za/events.php

  


Classified Adverts

TOP SALES AGENT WANTED

For Gauteng: To sell Ladies Footwear

Contact: Stan Rabinowitz
Footwear Direct cc
083 310 2687
stan@footweardirect.co.za




Needed: A footwear mentor for a new brand owner

I am looking for a business mentor in the shoe industry. I have just started a shoe brand and I would like mentorship in any and all parts of the shoe business.  I have used business mentors before, but I find if they do not know much about the shoe industry, and it can sometimes feel like a waste of time. 

  I am willing to pay for the mentorship, even if it's a Skype call or a meeting once a month. I am also willing to work for the mentorship if required. 

  Yiota Christoforou +27 (0)72 455 8600, pchristoforou1@gmail.com




  

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Next newsletter: January 29, 2018.

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