Publisher of leading trade magazines for the Footwear, Leather-goods, Leather & PPE industries

Celrose: TFL 'not the buyer'

Published: 23rd Jan 2023
Author: Tony Dickson - S&V Editor

Cape Town, W. Cape, SA - The Foschini Group (TFG), which had been identified as the interested party by several sources close to negotiations between the Industrial Development Corporation (IDC) and potential buyers of clothing manufacturer Celrose and its footwear manufacturing subsidiary, Eddels Footwear, is NOT buying Celrose, TFG said on Friday.


      "Celrose is a very important strategic supplier to most of the larger retailers," TFG said. "TFG is not in the process of acquiring Celrose, but continues to work very closely with them as well as with other strategic suppliers, during a challenging period for the South African clothing industry."


      Sources have said that during months-long negotiations, TFG was interested in acquiring Celrose, but did not want Eddels.
      Caralli Footwear (Pty) Ltd was last week confirmed to be negotiating to buy Eddels, but on Friday its parent, B&B Media, didn't respond to a request for an update. Last week it said it expected "clarity" towards the end of this month.
      IDC head of corporate affairs Tshepo Ramodibe said the IDC would only comment "once there are developments or clarity on this delicate matter".

Tags: The Foschini Group, TFG, Eddels, Celrose, IDC, Tshepo Ramodibe

Footwear Industry Articles

  • Law firm files class action lawsuit against Crocs
    Rosen Law Firm, a global investor rights firm, has initiated a class action lawsuit against Crocs, Inc., representing all purchasers of Crocs common stock between November 3, 2022, and October 28, 2024. The lawsuit alleges that Crocs misled investors regarding its acquisition of HEYDUDE, a casual footwear brand.Key allegations include:1. ...more
  • Kingsmead: Tax them, don’t ban them
    Is your business affected by Temu and Shein, and can you quantify that in any way?We have not significantly felt the effect of Temu and Shein, that being said, it is early days and apparel retailers would probably feel the effects first.How do their prices compare to yours?From what I have seen both Temu and Shein offer a low-price model, ...more
  • “De Minimis” exemption removal — what it means for Shein, Temu & Amazon haul
    Recent changes to the “de minimis” exemption, which previously allowed packages under $800 to enter the U.S. tax-free, have raised concerns about the future of fast fashion giants Shein and Temu, as well as Amazon’s newest entrant into the market, Amazon Haul. But what’s really at play ...more
MORE ARTICLES

Leather Industry Articles

  • Sam Setter's 'Pills': Too much is still not enough!
    My favourite way of communication is definitely not social media. We are flooded with nonsense and plainly untrue posts, and I dare say that most have a negative influence on us, on our behaviour and our habits. Personally, I refuse to be told who to vote for, how to dress, what to eat and enrich in the process totally unknown people call ...more
  • The use of copper nanoparticles to prevent bacterial and fungal growth on leather
    IntroductionBiocides and fungicides are used at different stages of the leather-making process. However, bacteria and fungi are still able to grow on finished leather, and especially vegetable tanned leather. The reason for this is that sweat from footwear can act as a carbon source for microbial growth, or that the concentration of fungi ...more
  • The subjective nature of auditing
    This month’s article has a personal perspective, perhaps you might say a subjective perspective, and that is the challenge of applying consistent approaches and standards to auditing. I’m speaking here from recent personal experience – names and organisations are excluded for obvious reasons, but the case study is real. ...more
MORE ARTICLES

PPE Industry Articles

MORE ARTICLES
© S&V Publications
×
X
This website uses cookies to ensure you get the best experience on our website. Learn more
Accept
Untitled Document