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Importing: Exchange rate volatility the main problem

Published: 7th Aug 2023

Author: Tony Dickson - S&V Editor

Cape Town, W. Cape, SA - Sales are “pretty much on a par with last year”, Elan-Polo SA MD Stuart Worrall said, “but they’re still down by comparison with pre-covid.”

Freight rates have decreased substantially compared to late 2022, and space was available, but the exchange rate depreciation is a huge factor as always. “The problem is the volatility,” he said. “A few days ago, I was buying forward cover at R17.70, now it’s R18.70, and who knows what it will be tomorrow.”

Elan-Polo SA focuses mainly on casual footwear supplying various SA retailers. “We’re not trying to be everything to everyone,” he said. “We’re known for casual footwear, and we’re not compromising on quality to get into a price point. We believe this is crucial to our longevity.”

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