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Footwear Industry News

Retail last week: Comment from 5 retailers on Saturday 07/09/2019

Published: 9th Sep 2019
Author: Tony Dickson - S&V Editor

"This last week has been good, except today, which has been absolutely dead, although Saturdays are normally busy. It's been good since the beginning of the month, but the year as a whole has been about 20% down. We're promoting ourselves through social media, and we've created a website. We wanted to try online retail, but the time isn't right. At the moment you have to give more discounts. Usually 10% was enough, but now it's often 15%, even 20% to get the sale." - Shiraz Osman, Gaby's Funky Fashion, Pretoria, Gauteng, SA. Independent, 2 stores, men's and women's clothing, men's, women's and children's footwear.

"The first few after month end are quite good. Traditionally, from the 25th to the end of the month are also good trading days, but not now. As we move towards Christmas, there are a few green shoots, and I just hope the fourth quarter will be better. As far as stock is concerned, I buy products that are in constant demand, and make sure I have enough stock so that when the customer comes in, we have what he wants in terms of brand, style and colour. It's not necessarily cheap footwear, because we cater to the middle class and up, and we have a reputation for selling quality products. We read there has been some growth, but it has to filter down to our level." - Sunil Bhagwandas, Ginger Bhagwandas, Durban, KZN, SA. Mini-chain, 6 stores, men's outfitter.

"We were closed for one-and-a-half days this week because there were rumours of attacks. There's a criminal element that hides behind the attacks on foreigners, and they target the stores with expensive merchandise, irrespective of who owns them. The whole of Gauteng is tense. The year as a whole has been down, but generally we have maintained, despite the unemployment and other problems. We all have to try harder, just with simple things like cleaning outside your store to make it more attractive to shoppers. You can tell whether a store is owned by locals or foreigners just by whether it's clean or dirty outside. I'm an optimist - you can't carry on if you're not - but the only time things will improve is if the government is bold and does things. The president hasn't come to the party yet." - Seroze Akoodie, member, Gino Armani, Springs, Gauteng, SA. Independent, 1 store, men's outfitter.

"This week has been terrible. The retail environment is very erratic, and it's affected by everything - government, the economy, crime. You can have a good day, a bad day, an okay day - it's impossible to predict. I know money is tight, but I think people are holding back because of negative sentiment, rather than because they don't have money to spend. For the year so far, turnover is down and overheads are up. I've tried everything I can think of - in-store advertising, sales. When I think we're running a bit lean on stock, I've put in more. But I honestly don't know whether it's made a difference. Now we're just going carefully and hopefully things will improve." - Billy Goott, director, Glamour Shoes, Johannesburg, Gauteng, SA. Independent, 2 stores, women's shoes and bags.

"This week has picked up quite nicely. I hope it goes on that way. The year so far hasn't been great, and sort of on a par with last year, up here and there. My strategy is to stick with the basics, which make up 80% of my stock." - Maurice Edelstein, proprietor, H. Schneider Retailers, Cape Town, W Cape, SA. Independent, 1 store, men's outfitter.

Steinhoff - results of the general meeting

Published: 9th Sep 2019
Author: Stock Exchange News Service (SENS) release

Stock Exchange News Service (SENS) release.  

Shareholders are hereby advised that at the general meeting of Steinhoff International Holdings N.V. ("Steinhoff" or "the Company") held at 13:00pm CET on 30 August 2019, at Steigenberger Airport Hotel, Stationsplein Zuid-West 951, 1117 CE Schiphol, Municipality of Haarlemmermeer, The Netherlands (the "AGM"), all of the resolutions proposed in the notice of meeting made available to shareholders on the Company's website on 19 July 2019 were passed by the requisite majority of votes cast by the Steinhoff shareholders present or represented at the AGM.
       Number of shares present or represented: 1 043 431 791 (this includes votes abstained, as per the below) % of issued share capital: 25.16%
       The supervisory board announced that - upon recommendation by the audit committee - it has nominated Mazars as the Company's external auditor for the 2019 financial year. As part of its selection process, the audit committee interviewed representatives of several Dutch audit firms that are allowed to perform statutory audits of the annual accounts of Dutch companies whose securities are admitted to trading on a regulated market. Upon their appointment, Mazars Netherlands will be the external auditor of the Steinhoff Group. The Dutch Mazars audit team will work closely with their colleagues in the UK, South Africa and France and in other jurisdictions where possible.
       Mazars nomination will be proposed for appointment by the general meeting at an extraordinary general meeting.

Choppies - availability of forensic report

Published: 9th Sep 2019
Author: Stock Exchange News Service (SENS) release

Stock Exchange News Service (SENS) release

September 4 - Further to the Company's circular issued on 14 August 2019 and to related announcements released on 14 August 2019, 27 August 2019 and 3 September 2019, shareholders are advised as follows:
         1.It has come to the attention of the board of directors of Choppies (the "Board") that a vast number of shareholders have not had the opportunity to review the Forensic Report issued by Ernst & Young Advisory Services (Proprietary) Limited ("Ernst & Young") in respect of its independent Forensic Investigation into certain transactions to which the Group was party.
          2.The Board has, with a view to availing as much information as possible to shareholders, in the best interests of the shareholders and the Company, taken the decision to make the Forensic Report public and available it the news service of the Botswana Stock Exchange Limited ("BSEL") and on the links provided below.
          3. Accordingly, shareholders are advised that the Forensic Report has been published today, 2 September 2019 and is immediately available on X-News, and on either of the following links: 
  and Forensic_Report_Annexures.pdf 
         Per the announcement published on 1 November 2018, the trading of the Company's shares on both the BSEL and on the Johannesburg Stock Exchange ("JSE") remains suspended until further notice.
   The Company's primary listing is on BSEL and its secondary listing is on the JSE. 

Tags: Choppies, SENS

Cry the beloved Zimbabwe - and a curry hint

Published: 9th Sep 2019
Author: Dieter Zettler

In reaction to the article on Zimbabwe in S&V Footwear & Leather Goods on Friday, retired former PMC director Dieter Zettler wrote: "Like many others I feel deeply about the country as it was part of my sales portfolio between 1965 and 1975 when Rolf [Oltmanns] took it over. At the height of it, Bata in Gwelo produced 40 000 pairs per day – partly because of the tekkie plant. They also had their own rubber plant and tannery. The staff was highly motivated and educated with a lot of line managers being Zimbabweans. R.K. Footwear installed the most modern machinery on par with Europe at that stage and Footwear & Rubber the first 2 station, direct injection moulding machine working with uppers on wooden lasts. Their joint MD, Otto Roubicek, did of course lay the foundation for Bata’s first factory in Africa if I am not mistaken in 1936. But remember all my comments are from a 78 year old.        "PS: I am rambling on. Kogie Naidoo, who was Roy Eckstein’s receptionist at Jaguar Shoes, moved on to the office staff of Hilton College and if you by any chance visit the Hilton Art Festival this coming weekend, you will find her operating a food stall with excellent curry in the main catering tent."

Retail last week: Comment from 5 retailers on Saturday 31/08/2019

Published: 2nd Sep 2019
Author: Tony Dickson - S&V Editor

"We did a bit better this week, partly because it's the end of the month, and partly because it's looking a bit brighter. It's been a tough year." - Zoonate Alli, partner, G. Nabee & Co., Lichtenburg, NW Province, SA. Independent, 2 stores, family outfitter.

"Friday was reasonably busy, today has been quiet, although we had expected the week to be busier because of month end. We're not yet seeing an improvement." - Yunus Osman, member, Gaby's Gear, Pretoria, Gauteng, SA. Independent, 1 store, men's and women's outfitter.

"Reasonable. I know most other people are complaining, but I'm grateful for the way things are going at the moment. Overall the year has been reasonable so far." - Zaakir Gani, Gani's Sports World, Klipfontein, Mpumalanga, SA. Independent, 1 store, sports specialist.

"Down. Very disappointing for month end. The economy has got worse and worse every year since the World Cup." - Yunus Gani, member, Gani's, Johannesburg, Gauteng, SA. Independent, 1 store, department store.

"Very bad. The first part of the year was okay, but for the past 2 months it's been down." - Jay Patel, member, Gardinia Stores, Johannesburg, Gauteng, SA. Independent, 1 store, general dealer.

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