S&V Weekly Newsletter Vol.7 No.51, December 20 2021
Please note: Click on any ad to go to the advertiser’s website
Merry Christmas to our Christian readers, and a peaceful festive season to all
The Red List
Pick yourself up, dust yourself off, and start again
Durban, KZN, SA – With 13 of its 14 stores in airports, Sneakers International welcomed the resumption of air travel as a lifeline, only to have its hopes dashed and then lifted again, all within weeks.
Writing from the UK, financial manager Jill Moss said: "Obviously it was a huge blow and we had to relook at staffing levels and deliveries to the airports and we certainly did not expect it to be lifted in quite the dramatic fashion it was. We altered staffing levels again and move forward."
December retailing
All platforms performing well
By Kelli Dodo Kupritz, group marketing director, Dodo's
Johannesburg, Gauteng, SA – The past 3 months have been particularly good for both our Dodo's and Franco Ceccato chains.
December is no exception and we are happy with what we are achieving currently. This week will be crucial for the month but we are confident that we will achieve our budgets for the month. Our Shoebox and Madison online platforms have been exceptional.
Much better than last year
By Yadhir Mooloo, MD, Levinger's Dryclean & Shoe Clinic
Johannesburg, Gauteng, SA – Surprisingly well!!!
Definitely better than last year.
There’s been a huge upsurge with regards to shoe repair. I suppose that people aren’t going out and buying new!
Consumers more optimistic
By Alan Scheckter, CEO, Jumbo Clothing
East London, E. Cape, SA – December has been strong for Jumbo.
I believe the Omicron variant has been very mild and people are less stressed and in a spending mood with the idea that life could soon be normal again. We can only hope so as back-to-school should be good with people not buying school wear for a year.
Retirement
Finally, it's official - Alan Fleetwood to step down
Cape Town, W. Cape, SA – Alan Fleetwood, CEO and MD of Bolton Footwear, MD of BBF Safety Group and MD of Mossop Western Leather, retires at the end of February.
Although there was no secret about the retirement - the Bolton Group mandates retirement at 63 - he 'requested' (hah!) that no announcement be made before now to prevent speculation about the future of the group.
No successor at Bolton has been announced, but it would be a very big surprise if group finance executive Noel Whitehead is not the new CEO and MD.
"I effectively retire too as executive MD of both Mossop and BBF at end December," Fleetwood wrote.
"Neither of these two companies needs to replace me as the building of the respective teams always anticipated that at this time the management teams would be able to carry on without me, respectively led by Gert Kruger at Mossop and Silvio Ceriani at BBF, as they have been doing for the past few years.
"As regards next year: I will remain on the boards of the companies in a non-executive capacity for a while for the sake of continuity. At Bolton there are a few projects that are in progress which I will see through, but this should not take up too much of my time nor take too long."
Stock Exchange News Service (SENS)
Steinhoff, former Tekkie Town owners settle
Stellenbosch, W. Cape, SA (15 December 2021) – Steinhoff and the former owners of Tekkie Town have settled out of court, ending their attempt to have the multinational put into liquidation, and/or to have Tekkie Town returned to them.
They will receive R500 million and 29.5 million Pepkor Holdings Limited shares.
Extracts from the SENS report - which also covers Steinhoff's settlement with Trevo - follow. For the full report, go to https://www.sharedata.co.za/v2/Scripts/News.aspx?c=SNH&sensid=405228
On the same day, Steinhoff Investment reported its final results for September 2021 as: Revenue from continuing operations increased to R77.3 billion (R70.8 billion) whilst operating profit turned around to R11.9 billion (loss of R9.3 billion). Profit attributable to owners came to R6.4 billion (loss of R12.5 billion). In addition, headline earnings per share shot up to 11 843.6cps (headline loss per share of 12 483.0cps).
Steinhoff NV - settles certain claims
Steinhoff International Holdings N.V. and the former South African holding company of the Steinhoff Group (“SIHPL”) provide the following update on Steinhoff’s settlement of ongoing and pending litigation proceedings. The key commercial terms of the settlement will take effect from and subject to the Settlement Effective Date, and are as follows:
(a) SAHPL will pay the Former Tekkie Town Owner Claimants ZAR500 million in aggregate, and will procure the delivery to the Former Tekkie Town Owner Claimants of 29.5 million Pepkor Holdings Limited (“PPH”) shares subject to a lock-up of 180 calendar days following transfer, in order to acquire control of all Steinhoff-related claims alleged by the Former Tekkie Town Owner Claimants and their related parties; and
(b) the Former Tekkie Town Owner Claimants will accordingly transfer control of all their Steinhoff-related claims to SAHPL, so that the claims between them, Steinhoff, PPH, directors and officers and auditors (including the Liquidation Application) can be settled and withdrawn on terms that enable SAHPL and Steinhoff to benefit from the compensation allocated to the Former Tekkie Town Owner Claimants under the SIHNV composition plan.
Agriculture
Third quarter 2021 slump in agriculture GDP 'a surprise but not a concern'
Extracts from comment by Paul Makube, senior agricultural economist at FNB Agri-Business
Johannesburg, Gauteng, SA (17 December 2021) – The new agriculture season started with good early seasonal rains across the country and forecasting advising that we are indeed in a La Nina year. The La Nina is a weather pattern that is characterised by above normal rainfall conditions across Southern Africa.
The bullish weather outlook and strong commodity prices spurred farmers to plant more summer grain and oilseed crops during the 2021/22 production season. Total summer crop area is expected to top 3.12 million hectares, which is 7% higher relative to the 2020/21 production season.
South Africa is likely to produce a new record of more than 17m tons of maize and 2.22 million tons of soybeans.
From horticulture crops to livestock, all agriculture commodities are expected to perform well during the 2021/22 production season. This comes on the back of another good 2020/21 season which saw the country’s export commodity group, citrus, topping 161.6 million cartons exported in 2021 which is 13% higher y/y despite a tough trading environment of the Covid-19 induced global supply chain challenges, as well as the July 2021 unrest. Meanwhile, the 3Q21 exports rose by 8% y/y led by gains in amongst others citrus, maize, wine, sugar, other fruits, and nuts. Although harvesting of summer grains and oilseeds is normally subdued in the 3Q, exports have been relatively been robust with maize shipments increasing by 32% q/q amidst relatively high commodity prices and a weaker exchange rate. We expect another stellar export performance on renewed global demand as major economies gradually reopen.
Although Statistic South Africa’s last update on the country’s overall real GDP for 3Q2021 showed the surprise of a sharp contraction of 13.6% q/q in agriculture GDP outcomes and a contribution of -0.4 of a percentage point to GDP growth, it was not a concern and we expected a strong rebound in the last quarter of 2021.
On overall sector confidence, the last Agbiz-IDC Agribusiness Confidence index cruised to a second record high since 2001 at 74 points which to some extent downplays the recent challenges of high input costs and the July unrest.
The only downside is that while producers appreciate the strong commodity prices from meat to grains, cost pressures have been unrelenting and kept on mounting with a surge in fuel and feed costs. For intensive livestock feeders, the price of raw maize which is a major livestock feed ingredient remained elevated despite the record harvest and the bullish seasonal outlook boosted by the strong La Nina weather pattern.
The Mar-22 maize futures for both the white and yellow categories recently topped R3,584/ ton and R3879/ ton respectively, which is 12% and 23% above the 2020 levels. The price of fertilizer, herbicides, and pesticides surged by over 50% y/y across most product types which will ultimately squeeze profit margins. Nonetheless, the strong commodity prices will to some extent offset the impact of higher input costs on sector performance.
Fairs
New timing for Première Vision Paris in 2022
Press release
Paris, France – Initially announced in early 2020 and slated to take effect in 2021, the revised Première Vision Paris calendar, delayed due to the pandemic, will come into effect in 2022.
For Première Vision, a player in the global creative fashion industry, this means advancing the dates of its flagship event to meet the current demands of the market, which has seen a significant expansion in terms of its design and collection-delivery calendars. The show will now be welcoming its visitors - buyers, designers, production heads, fashion and accessory brand managers - and its exhibitors - spinners, weavers, tanners, textile designers, accessory and component manufacturers, and fashion manufacturers - at the end of January/early February for the spring-summer collections, and in the first two weeks of July for the autumn-winter collections.
In 2022, the now hybrid event will be held at the Parc des Expositions de Paris Nord Villepinte and online on the Première Vision website and marketplace:
• 08, 09 & 10 February, to accompany the creation of the spring-summer 23 collections
• 05, 06 & 07July, to accompany the creation of the autumn-winter 23/24 collections
Première Vision Group decided to advance its traditional dates (mid-February for spring-summer and mid-September for autumn-winter) in order to meet its audiences’ new needs regarding material selections and inspiration.
These were brought to light in a European-wide survey. The report of the study conducted by the Institut Français de la Mode is available upon request.
As a result of these changes, the Blossom Première Vision show, launched in 2016 and dedicated to the pre-collections of luxury and high-end brands, will now be held annually. It will thus be held each year in December to accompany the spring-summer pre-collections, while the autumn winter pre-collections will be presented alongside the main collections in July at Première Vision Paris.
NEW: A new event, whose concept and details will be unveiled in the coming months, will be held in the first half of September in Paris.
Death Notices
Graaff-Reinet, E. Cape, SA – Piet Neethling, former chairman of Game Abattoir & Meat Processors of SA, and GM of Camdeboo Meat Processers, died on 05 December, aged 68. We hope to carry an obituary in the January edition of S&V African Leather.
Johannesburg, Gauteng, SA – Chris Bezuidenhout, GM of The Cross Trainer, died on 16 December, aged 70. An obituary will follow in the January edition of S&V Footwear & Leather Goods.
They Said It
"Ynor and I have agreed that there will be no big decisions next year. We will spend time between Plett and Cape Town as our moods (and grandchildren drawing power) take us. I have threatened her that I am looking forward to learning how to shop and cook. She is petrified.
"I will also learn to fish. My dear fellow Bolton retirees from Great Brak are all finding that local travelling is adding much spice to their lives - we will go check that out too.
"I started at Bolton in May 1985, having promised Ynor that our move to George would only be for 3 years as a career building stint. I lost a decimal point somewhere as 30 years later, we moved to Cape Town." - Alan Fleetwood, retiring MD and CEO of Bolton Footwear, Cape Town, W. Cape, SA.
Got anything you'd like to share?
Do you have any suggestions, comments or experiences about the industry that you'd like to share with the industry? - tony@svmag.co.za
20/12/1957: Michael Ngwenya, Nulaw, Pietermaritzburg, KZN, SA.
20/12/1976: Zamo Mkhize, left the industry, formerly Nicole Footwear (closed), Durban, KZN, SA.
21/12/1942: Allan Kushner, retired, formerly Shoe Fayre, Pretoria, Gauteng, SA.
21/12/1963: Trevor Capell, ? Hilton, KZN, SA.
22/12/1949: Maryna Bender , ?
22/12/1966: Collin Kisten Pillay, Topline Manufacturers, Durban, KZN, SA.
22/12/1973: Hassan Adam, Seadoone Shoes, Amanzimtoti, KZN, SA.
23/12/1947: Chris Dorasamy, Robach Components, Pinetown, KZN, SA.
23/12/1949: Alex Gordon, Novita Shoes, Durban, KZN, SA.
24/12/1947: Gerald Borg, formerly Bata SA and Amshoe (closed) , KZN, SA, emigrated to Cyprus.
24/12/1953: Morgan Naidoo, Alan D Jackson, Pinetown, KZN, SA.
25/12/19??: Malcolm Walton, retired, formerly Corrida Shoes, Pietermaritzburg, KZN, SA.
25/12/1934: Ivan Harris, retired, formerly Woodheads, Cape Town, W. Cape, SA.
25/12/1948: Morris Smith, agent, Durban, KZN, SA.
25/12/1960: Yusuf Moosajee, Seltex, Johannesburg, Gauteng, SA.
25/12/1969: Noel Whitehead, Bolton Footwear and chairman, SAFLIA, Cape Town, W. Cape, SA.
25/12/1975: Mohamed Ameen Ravat, Ravat & Sons International, Pietersburg/Polokwane, Limpopo, SA.
26/12/1937: Andre le Roux, retired, formerly Watson Shoes Ladies’ Division, Oudtshoorn, W. Cape, SA.
26/12/1948: Peter Waddleton, left the industry. Formerly Bata SA, then Finlam Textiles, Pinetown, KZN, SA.
26/12/1977: Kirit Mistry, Shoe Junxion, Sasolburg, Free State, SA.
26/12/1956: Omar Faruk Doola, Shoe World, Springs, Gauteng, SA.
In Memoriam this week
22/12/2008: John Whittle (b. 21/05/1936), John Whittle Components, Pinetown, KZN, SA.
23/12/2004: Stewart Dorrington (b.?), King Tanning [closed], King William’s Town, E. Cape, SA.
23/12/2014: Mohammed Seedat (b. 16/07/1942), Jino’s Clothing, Johannesburg, Gauteng, SA.
25/12/2003: Lionel Klein (b. 24/08/1926), agent, Durban, KZN, SA.
26/12/2020: Neville Dodo (b. 02/04/1941), Edworks Group [closed], Johannesburg, Gauteng, SA.
Have you let us know about your birthday, or the birthdays of your colleagues? Our readers love this section, so please become part of it. This also applies to the In Memoriam section. Help us remember former colleagues.
Directory updates this week
Rian, REB Huide & Velle, Kroonstad, Free State, SA.
Tsepiso, Oratile Kids, Pretoria, Gauteng, SA.
Suresh Jeewa, Chess International, East London, E. Cape, SA.
Exchange rates
1. SA Rand (ZAR)/Lesotho Loti (LSL)/Namibian Dollar (NAD)/Swazi Lilangeni (SZL)
Source: http://www.x-rates.com/calculator/
| |
Euro € |
GBP £ |
US $ |
CNY ¥ |
| 2021/11/29 |
R18.19 |
R21.52 |
R16.12 |
R2.52 |
| 2021/12/05 |
R18.20 |
R21.30 |
R16.09 |
R2.52 |
| 2021/12/12 |
R18.07 |
R21.18 |
R15.96 |
R2.50 |
| 2021/12/18 |
R17.86 |
R21.04 |
R15.89 |
R2.49 |
Note: For previous rates, see HERE
2. Botswana Pula (BWP)
Source: https://www.xe.com/currencyconverter/
| |
Euro € |
GBP £ |
US $ |
CNY ¥ |
| 2021/11/29 |
13.21 |
15.62 |
11.71 |
1.83 |
| 2021/12/05 |
13.29 |
15.54 |
11.74 |
1.84 |
| 2021/12/12 |
13.26 |
15.55 |
11.72 |
1.84 |
| 2021/12/18 |
13.25 |
15.60 |
11.79 |
1.84 |
3. Malawian Kwacha (MWK)
Source: https://www.xe.com/currencyconverter/
| |
Euro € |
GBP £ |
US $ |
CNY ¥ |
| 2021/11/29 |
920.46 |
1088.54 |
815.76 |
127.86 |
| 2021/12/05 |
925.53 |
1082.78 |
818.22 |
128.32 |
| 2021/12/12 |
928.33 |
1088.45 |
820.39 |
128.79 |
| 2021/12/18 |
918.71 |
1082.09 |
817.40 |
128.20 |
4. Zambian Kwacha (ZMW)
Source: https://www.xe.com/currencyconverter/
| |
Euro € |
GBP £ |
US $ |
CNY ¥ |
| 2021/11/29 |
20.07 |
23.74 |
17.79 |
2.78 |
| 2021/12/05 |
20.25 |
23.70 |
17.91 |
2.80 |
| 2021/12/12 |
18.33 |
21.49 |
16.19 |
2.54 |
| 2021/12/18 |
18.36 |
21.62 |
16.33 |
2.56 |
5. Zimbabwean Dollar (ZWL$)
Source: https://www.xe.com/currencyconverter/
| |
Euro € |
GBP £ |
CNY ¥ |
Official US$ |
| 2021/11/29 |
408.26 |
482.79 |
56.71 |
105.66 |
| 2021/12/05 |
409.36 |
478.92 |
56.75 |
105.68 |
| 2021/12/12 |
409.51 |
480.14 |
56.81 |
108.66 |
| 2021/12/18 |
406.75 |
479.12 |
56.76 |
108.66 |
ABSA Agri Trends: Hides & skins prices
Johannesburg, Gauteng, SA (15 December 2021) - The current average hide price increased by 3.4% to R5.50/kg from R5.30kg a week ago. The current price is 18% higher than the average price a month ago and is 40% higher than the average price a year ago. The range of prices reported was as follows: Minimum price: R4.94 Maximum price: R5.80. Please note, we have changed our methodology and price levels are not directly comparable to previous prices that we reported on. Our methodology weighs the prices we collect according to the number of hides they sell in a month. This is done to make it more representative of the prevailing market price. NB* Hide prices are determined by the average of the RMAA (Red Meat Abattoir Association) and independent companies. - Marlene Louw, senior agricultural economist, and Nkhensani Mashimbyi, agricultural economist, Absa group.
| (08 December 2021) |
Dorper skin |
Merino skin |
| |
(R/skin) |
(R/skin) |
| Price |
R38.75 |
R65.00 |
| w/w |
-10.9% |
0.0% |
| m/m |
-13.9% |
1.6% |
| y/y |
7.6% |
32.7% |
| Hide & skin price progression |
| Date |
Hides/Kg |
Dorper/Skin |
Merino Skin |
| 2020/11/06 |
2.36 |
26.00 |
44.00 |
| 2020/11/13 |
2.38 |
23.59 |
40.00 |
| 2020/11/20 |
2.69 |
35.00 |
50.00 |
| 2020/11/27 |
3.08 |
36.00 |
49.00 |
| 2020/12/04 |
3.65 |
34.03 |
49.00 |
| 2020/12/11 |
3.68 |
33.21 |
50.83 |
| 2020/12/18 |
3.93 |
32.59 |
51.67 |
| 2021/12/25 |
4.08 |
34.39 |
51.67 |
| 2021/01/01 |
3.93 |
34.03 |
54.00 |
| 2021/01/08 |
3.88 |
31.43 |
46.43 |
| 2021/01/15 |
4.03 |
31.43 |
46.43 |
| 2021/01/22 |
4.16 |
30.00 |
47.00 |
| 2021/01/29 |
4.04 |
33.05 |
50.83 |
| 2021/02/05 |
3.86 |
31.41 |
45.71 |
| 2021/02/12 |
4.33 |
35.46 |
45.83 |
| 2021/02/19 |
4.29 |
34.49 |
50.00 |
| 2021/02/26 |
4.94 |
34.70 |
47.50 |
| 2021/03/05 |
5.67 |
38.33 |
51.67 |
| 2021/03/12 |
4.80 |
42.50 |
59.17 |
| 2021/03/19 |
4.99 |
35.74 |
52.86 |
| 2021/03/26 |
6.33 |
35.16 |
55.00 |
| 2021/04/02 |
6.50 |
31.83 |
49.00 |
| 2021/04/16 |
8.98 |
37.44 |
50.00 |
| 2021/04/22 |
8.37 |
|
|
| 2021/04/29 |
8.98 |
40.96 |
62.00 |
| 2021/05/06 |
7.56 |
40.96 |
62.00 |
| 2021/05/24 |
7.82 |
40.83 |
61.67 |
| 2021/05/28 |
7.47 |
|
|
| 2021/06/14 |
8.34 |
40.83 |
61.67 |
| 2021/06/24 |
8.31 |
|
|
| 2021/07/02 |
8.25 |
42.21 |
66.00 |
| 2021/07/09 |
9.53 |
46.39 |
64.00 |
| 2021/07/16 |
8.17 |
39.00 |
61.00 |
| 2021/07/23 |
8.44 |
43.33 |
67.50 |
| 2021/07/30 |
7.57 |
39.00 |
61.00 |
| 2021/08/06 |
9.60 |
39.63 |
64.00 |
| 2021/08/12 |
9.93 |
|
|
| 2021/08/23 |
|
41.40 |
64.00 |
| 2021/09/09 |
9.78 |
|
|
| 2021/09/16 |
8.96 |
|
|
| 2021/09/23 |
8.89 |
|
|
| 2021/09/29 |
6.40 |
39.60 |
65.00 |
| 2021/10/07 |
6.27 |
|
|
| 2021/10/11 |
5.68 |
41.00 |
64.00 |
| 2021/10/21 |
5.34 |
45.00 |
64.00 |
| 2021/10/28 |
5.11 |
45.00 |
64.00 |
| 2021/11/04 |
4.67 |
40.29 |
64.00 |
| 2021/11/11 |
4.64 |
39.50 |
65.00 |
| 2021/11/18 |
4.63 |
39.50 |
65.00 |
| 2021/11/25 |
5.00 |
43.49 |
65.00 |
| 2021/12/01 |
5.20 |
38.75 |
65.00 |
| 2021/12/08 |
5.30 |
38.75 |
65.00 |
| 2021/12/15 |
5.50 |
|
|
Note: For previous prices, see HERE
Have a look at these links
We invite businesses to send us links to websites, Facebook pages and the like which they feel would be of interest to others. The links below are from our database:
Gaby's Gear, Pretoria, Gauteng, SA. Men's and women's fashion apparel retailer.
Gain Store, Maseru, Lesotho. Men's outfitter.
Contact us
News & Classifieds: Tony Dickson, +27 (0)31 209 7505, tony@svmag.co.za
Next newsletter: December 27, 2021.
SAFLIA enquiries: Tel 0800SAFLIA * Email info@saflia.co.za * Website http://www.saflia.co.za
Our website www.svmag.co.za
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