S&V Weekly Newsletter Vol.10 No.40, September 30 2024

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Luxury stocks are heading to the clearance bin

Andrea Felsted, Bloomberg Opinion, 28 September 2024      The best luxury brands rarely go on sale. Not so their share prices.
     Valuations across the sector have tumbled on a deteriorating Chinese economy and sluggish US demand. But investors with a long-term view may be able to salvage something from the bursting of the bling bubble.
     The hoped-for rebound in top-end goods this year has yet to materialize. The next few months, and into 2025, look tricky. The main culprit is China, whose shoppers accounted for 23% of the global personal luxury-goods market last year, according to Bain & Co., and where appetite for Louis Vuitton handbags and Burberry scarves has stalled.
     Indeed, concerns are rising that the market has declined further amid a prolonged economic downturn and housing slump. Weak Swiss watch exports to China and Hong Kong, LVMH Moet Hennessy Louis Vuitton SE’s Sephora laying off 10% of its 4,000-strong workforce in China, and sluggish tourism to Europe are all adding to the sense of gloom.

Medicus to distribute Rockport

Port Elizabeth, E. Cape, SA – Medicus Shoes is the new SA distributor of Rockport footwear from 01 October. Kingsley Brands was the previous distributor.
Medicus director David Palmer said it would begin with men’s footwear and introduce women’s footwear early next year.
Rockport is now owned by Authentic Brands Group LLC, where one of its many stablemates is Reebok, which once owned Rockport. Authentic Brands describes itself as “the world’s largest sports and entertainment licensing company…with over 50 brands, icons and legends, and US$29 billion+ in global annual retail sales”.

They Said It

"Oh, I keep my head above water – sometimes I nearly get washed away, but I survive." - Ridwaan Nazeer, Kumesha Shoe Agencies cc, Durban, KZN, SA, who sources locally made footwear for chain customers.

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

New subscribers last week

Clarence, Sales, Meatco, Windhoek, Namibia
Shanitha, Director, Sienna Skye Distributors, Durban, KZN, South Africa
Darryl Monks, Sales and Marketing, Monks Media, Johannesburg, Gauteng, South Africa
Lauren, Sales, International Colours, Cape Town, South Africa
L Bachan Retired, Scottburgh, KZN, South Africa

Birthdays this week

30/09/1944: Dennis Wilkens, retired, formerly Martin Johnson [closed], Pietermaritzburg, KZN, SA.
30/09/1950: Mohamed Farouk Limbada, Kirimon Traders, Durban, KZN, SA.
30/09/1966: P ‘Segie’ Govender, RNT Footwear, New Germany, KZN, SA.
01/10/1944: Ian Smith, Faulks (Durban, KZN, SA),  G&D Shoes (Bulawayo, Zimbabwe, closed) Flair (Cape Town, W. Cape, SA, closed), Studio Shoes (Port Elizabeth, E Cape, SA, closed), Panther (Cape Town, W. Cape, SA, closed), Elliott (Cape Town, W. Cape, SA, closed), G&D, China various. Retired to Plettenberg Bay, W. Cape, SA.
01/10/1960: Amanda McCarthy, Groundcover Leather Company, Curry’s Post, KZN, SA.
01/10/1964: Steven Broughton, Cape Produce Company, Port Elizabeth, E. Cape, SA.
02/10/1964: Mano Nair, Shoe Quip, Pinetown, KZN, SA.
02/10/1947: Ronnie Ackermann, Curio City, Knysna, W. Cape, SA.
02/10/1962: Johan Bezuidenhout, Hidskin Processors, Johannesburg, Gauteng, SA.
03/10/1969: Robby Stoller, Dangee Corporation, Johannesburg, Gauteng, SA.
04/10/1939: Basil Tannenbaum, XLNT Agencies, Johannesburg, Gauteng, SA.
05/10/1961: Russell Addinall, Studio Eclectica, Lions River, KZN, SA.
06/10/1998: Devan Kriel, Vellie Boutique, Boksburg, Gauteng, SA.

In memoriam this week

02/10/1998: Sarel Roets, Leatherite, Pretoria, Gauteng, SA.
06/10/2016: Ernie Aaron (b. 21/05/1922), agent, Durban, KZN, 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 entries updated last week

Kumesha Shoe Agencies cc, Durban, KZN, SA.

3. Malawian Kwacha (MWK) (buying)

Source: https://www.rbm.mw/

4. Zambian Kwacha (ZMW) (buying)

Source: https://www.boz.zm/

5. Zimbabwe Dollar (ZWL$) (average) / Zimbabwe Gold (ZiG)

Source: Source: https://www.rbz.co.zw/

Note: For previous rates, see HERE

ABSA Agri Trends: Hides & skins prices

Johannesburg, Gauteng, SA (27 September 2024) - The current average hide price decreased by 0.25% to R2.799/kg from R2.806/kg a week ago. The current price is 0.11% lower than the average price a month ago and is 16.2% lower than the average price a year ago. The range of prices reported was as follows: Minimum price: R2.75 Maximum price: R3.00. Please note: 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, and Zama Sangweni, agricultural economist, Absa group.

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:

SA Feedlot Association, Pretoria, Gauteng, SA. Sector association.
Sa Footwear & Leather Export Council, Durban, KZN, SA. Export promotion.

THIS WEEK LAST YEAR!

Midland Tannery ‘considering options’

Kangol: SA footwear distribution rights unknown as Jumbo agreement ends

Cape Union Mart sponsors film festival

Truworths’, Woolworths’ annual reports

In case you missed it! : The September 2023 issue of S&V Footwear & Leather Goods Magazine

READ IT HERE - S&V Weekly Newsletter Vol.9 No.40, October 2 2023

THIS WEEK FIVE YEARS AGO!!

Good news last week

Retail last week: Comment from 3 retailers on Saturday

SARS releases trade statistics for August

SABS simplifies technical committees

Stock Exchange News Service (SENS) releases
- Steinhoff - Pepkor Europe rebranded
- Truworths - no change statement and AGM notice

TFG - Doug Murray appointed director

Changes

READ IT HERE - S&V Weekly Newsletter Vol.5 No.40, October 7, 2019

Contact us

News & Classifieds: Tony Dickson, +27 (0)31 209 7505, tony@svmag.co.za

Next newsletter: Monday October 07, 2024. Ad and editorial deadline Friday 04 October.

SAFLIA enquiries: Tel 0800SAFLIA * Email info@saflia.co.za * Website http://www.saflia.co.za

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