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S&V Weekly Newsletter Vol.11 No.45, November 10 2025

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It’s been a tough year for chain retailers, says NCRF, but ‘they’ll do what’s necessary to grow again’

Cape Town, W. Cape, SA – The general issues affecting consumers – and therefore their mood and willingness to spend – are worse now than they were this time last year, National Clothing Retail Federation (NCRF) executive director Michael Lawrence said on Saturday.
     “There’s uncertainty and that impacts on disposable income,” he said. “Also, we don’t have the upside of lower interest rates, a better exchange rate, and the introduction of the 2-pot system to improve their mood.
     “This year, we haven’t seen an appetite by investors to create jobs – especially industrial jobs.
     “For retailers, we have seen immense uncertainty in trade architecture. They have been forced to recognise that consumption is a lot quieter now.
     “In stock markets – globally – there is much more interest in tech stocks than retail.”
     But there were also positive trends, he said.
     “We do think there are positive political developments on the horizon.
     “The DTIC is recognising that its industrial development policies have to work – they can’t just subsidise machinery for the sake of it. Investments have to produce goods that people want to buy.
     “There is always some appetite for consumers to buy – in South Africa, across our borders, or internationally.
     “And things move in cycles. There can’t be constant growth, and retailers will do what’s necessary to start the next upward cycle.”

 

 

TFG: Revenue up, profit down

Extracts from TFG interim results September 2025

Cape Town, W. Cape, SA (07 November 2025) – Revenue for the interim period grew to R31.4 billion (R28.0 billion) while gross profit rose R14.4 billion (R12.8 billion). Operating profit before finance costs lowered to R2.3 billion (R2.5 billion). Profit attributable to equity holders decreased to R944 million (R1.2 billion). Additionally, headline earning per share dipped to 292.6 cents per share (371.6 cents per share).
     TFG continues to navigate weak macroeconomic conditions across its key markets.
     In South Africa, consumers remain under pressure and despite inflation easing somewhat, subdued GDP growth and high unemployment remain. In H2 FY2026, we start coming up against the higher base that included last year's two-pot withdrawals. TFG Africa delivered sales growth of 3,7% for the 5 weeks ended 1 November 2025.
     In the UK, despite continued low consumer confidence, strong performance from White Stuff drove sales growth of 34,9% (GBP) for the 5 weeks ended 1 November 2025. Excluding White Stuff, which is not comparable for the period, sales declined by 0,7%.
     TFG Australia recorded sales growth of 0.6% (AUD) for the 5 weeks ended 1 November 2025.
     While the first half has been difficult, the Group remains focused on operational resilience, prudent capital allocation, and leveraging its platform strengths and digital channels to drive growth.

Sales growth in each business segment for the six months ended 30 September 2025 was as follows:

* Excluding the acquisition of White Stuff (effective 25 October 2024), Group sales grew by 3,5% (in ZAR) and TFG London sales grew by 0,7% (in GBP).

At 30 September 2025, the Group traded from 4 922 stores, with 93 new stores opened and 94 stores closed during the period.

SEGMENTAL PERFORMANCE UPDATE

TFG AFRICA

Sales growth (in ZAR) per merchandise category was as follows:

Consumer sentiment and discretionary spend in South Africa remained subdued despite moderating inflation and recent interest rate cuts, with GDP growth of 0,8% in the second quarter of the 2025 calendar year and is now expected to be no more than 1,1% for the full calendar year.
     TFG's market share in South Africa as reported by the RLC was maintained across the Apparel segment, with womenswear and kids wear increasing by 30 and 10 basis points respectively, and menswear declining by 90 basis points. In the Homeware category, market share grew by 20 basis points.
     Sales grew 5,3%, supported by a strong start to winter trade, though activity softened during June and September negatively impacting sales.
     During the period 47 stores were opened and 42 were closed, with TFG Africa now trading out of 3 619 stores in 6v countries.
     Like-for-like sales grew by 4,1% for the period, with online sales growing by 40,2% and now contributing 7,4% (H1 FY2025: 5,6%) to total TFG Africa sales.
     Credit sales rose 7,9%, representing 27,4% of total sales, while the debtors book increased 8,0% to R9,0 billion with stable quality and an increase in provisioning since year end reflective of book growth.
     While costs were well maintained, winter clearance markdowns, necessitated by the tougher than expected trading environment, reduced gross margins by 90 basis points, which resulted in negative operating leverage leading to a 9,7% decline in segmental EBIT.

TFG LONDON

Sales increased by 69,0% in GBP. Excluding White Stuff, sales grew by 0,7% as trade in existing brands continue to be more adversely affected by the prolonged weakness in the UK economy. However, sales trended consistently better throughout the period with Q2 growth of 4,5% offsetting the 2,6% contraction in Q1.
     During the period 20 stores were opened and 35 were closed, with TFG London now trading out of 684 stores in 13 countries.
     White Stuff continues to deliver market-leading performance with sales growing 12,5%^ for the period, and with the inclusion of White Stuff, TFG London EBIT grew 9,1%.
     Management remains focused on the protection of operating profit margin through cost containment and reduction initiatives. However, the measures could not fully mitigate inflationary pressures. Gross margins decreased by 370 basis points to 64,1%, mainly due to the acquisition of White Stuff which trades at a lower margin.
     The strategic acquisition of White Stuff contributed to a 65,5% uplift in store sales, and a 73,8% increase in online sales. Online sales now account for 43,3% (H1 FY2025: 42,0%) of total TFG London sales, underscoring the growing strength of our digital channel.

TFG AUSTRALIA

In Australia, sales for the period contracted by 0,5% in AUD, as discretionary spend remained subdued, however sales trended consistently better throughout the period, with Q2 growth of 1,6% offsetting the 2,8% contraction in Q1.
     During the period 26 stores were opened and 17 were closed, with TFG Australia now trading out of 619 stores in 2 countries.
     While store sales declined by 0,6%, online sales were level, contributing 7,7% to total TFG Australia sales.
     As a result of expenses growing ahead of sales, driven by costs from new stores and continued inflationary pressure on expenses, segmental EBIT declined by 18,4%.

 

Drip founder has new online store

Midrand, Gauteng, SALekhau Sehoana, who founded the now closed Drip Footwear retail business, has founded an online retail site trading as Kite Cartel which currently advertises 1 shoe style in 2 colours, retailing at R1299, marked ‘sold out’, and 2 T-shirts. Kite Cartel hasn’t yet responded to questions about its plans.

 

Death notices

Former Apeco MD Lionel Astill died on Friday after 3 weeks in palliative care, 13 days before his 85th birthday. An obituary will follow in the November issue of S&V Footwear & Leather Goods.


Former MD of Midland Tannery Tharina Terblanche died on 03 November, shortly after falling ill, aged 74. I hope to carry an obituary in the January edition of S&V African Leather, and I request readers who knew her to let me know if they can contribute.

 

Sustainability and brand reputation webinar for textiles, apparel and footwear

Geneva (05 November 2025) – Testing, inspection and certification company SGS will host a complimentary webinar, ‘Enhancing sustainability claims and brand reputation in the textile and footwear industry’, on 25 November.
     Regulators have responded to public concern and consumer demand for sustainability in the textiles and footwear industry by introducing stricter requirements, placing pressure on businesses to ensure credible claims and avoid misleading advertising. While this can be challenging and requires expert knowledge, meeting these requirements also presents opportunities to build consumer trust.
     This webinar explores the latest trends impacting sustainability in the industry, providing insights into the EU Product Environmental Footprint (PEF) methodology. Presenters Evelyn Ma and Frank Kempe will also provide an introduction to the SGS green marks covering preferred materials, which enable brands to gain a competitive advantage in global markets through trusted certification or verification, and present case studies to illustrate best practices and common pitfalls.
     For companies looking for insights into the latest regulatory trends, this webinar leverages SGS’s experience and knowledge for a better understanding of key sustainability developments in the industry.
     This webinar is ideal for professionals across the textile, apparel and footwear industries, including designers, product developers, quality assurance specialists, sustainability experts, compliance managers and marketing teams from brands, retailers and manufacturers.
     Interested parties should register here now for more information. 

 

They Said It

"I am a bit wary of commitment after seeing how my marriage has turned out." - A contributor explaining why he won’t commit to a date for his article. In light of how unwise messages have a way of reappearing, he shall remain nameless.

 

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

 

Birthdays this week

10/11/1956: Jeetendra Vallabh, Academy Outfitters, Port Elizabeth, E. Cape, SA.
10/11/1961: Granville Steyn, DyStar Africa, Pietermaritzburg, KZN, SA.
11/11/1940: David Chasi, Zambezi Tanners, Bulawayo, Zimbabwe.
11/11/1941: Brian Gurney, retired, formerly Watson Shoes, Great Brak River, W. Cape, SA.
11/11/1942: Tiziano Gottardo, Christin’s Manufacturers, Cape Town, W. Cape, SA.
11/11/1947: Trevor Espey, retired, former agent, Cape Town, W. Cape, SA.
11/11/1961: Wayne and Anthony Matthysen, WAM Agencies, Durban. KZN, SA.
11/11/1963: Thammo Schull, Capcorv Recycling, Germiston, Gauteng, SA.
11/11/1964: Jacoba Nel, Conloo Joinery, Welkom, Free State, SA.
12/11/1954: Kevin van Staden, retired, formerly Bolton Footwear, Port Elizabeth, E. Cape, SA.
12/11/1966: Bevin Horwitz, agent, Pretoria, Gauteng, SA.
12/11/1981: Gert Kruger, Mossop Western Leather, Cape Town, W. Cape, SA.
13/11/????: Indira Singh, retired, formerly Bellstedt, Pinetown, KZN, SA.
13/11/1951: William Scalco, retired, formerly LTE, Cape Town, W. Cape, SA.
13/11/1975: Muhammad Laher, Bombay’s of Nigel/Sports Fusion, Nigel, Gauteng, SA.
13/11/1989: Amelia Retief, commission agent, Modimolle/Nylstroom, Limpopo, SA.
14/11/1953: Bruce Lynn, emigrated, resident in Vietnam, formerly Clarks SA, Pietermaritzburg, KZN and Millana Shoes, Port Elizabeth, E. Cape, SA.
14/11/1974: Norman Venks, HW Textiles, Hammarsdale, KZN, SA.
14/11/1983: Ximena Farfan, freelance designer, Johannesburg, Gauteng, SA.
15/11/1977: Mario Alves, Unikem, Pinetown, KZN, SA.
15/11/1971: Michelle Lambert, Freestyle Handmade Originals, Cape Town, W. Cape, SA.
15/11/1971: Marcus Reddy, International Fabric Supplies, Durban, KZN, SA.
16/11/1939: Danny Pincus, agent, Johannesburg, Gauteng, SA.
15/11/1979: Warren Gedye, Michelle Footwear, Durban, KZN, SA.
16/11/1950: Len Crozier, retired, formerly leather technician, Bronkhorstspruit, Mpumalanga, SA.
16/11/????: Sonal Ambaram, JFK Trading, Durban, KZN, SA.
16/11/1981: Daniel Dodo, Dodo’s, Johannesburg, Gauteng, SA.

 

In memoriam this week

10/11/2013: Barry Nash (b. 06/09/1952), King Tanning [closed], and Buckman, Port Shepstone, KZN, SA.
11/11/2021: Pieter Yzelle (b. 29/09/1949), Klein Karoo International, Oudtshoorn, W. Cape, SA, and South Cape Ostrich Tanning, Mossel Bay, W. Cape, SA, now both part of Cape Karoo International.
12/11/1997: Angus Ogilvie, Ogilvie's Shoes [closed], Pietermaritzburg, KZN, SA.
14/11/1989: Cyril Fletcher (b. 08/02/1930), Edcon, Johannesburg, Gauteng, SA.
15/11/2002: Jody Woycieh (b. 12/11/1949), Sting Components [closed], Pietermaritzburg, KZN, SA.
16/11/2018: Rosa Costa (b. 20/01/1932), Superior Footwear Group [closed], Harare, Zimbabwe.
16/11/2020: Graham Gradwell (b. 04/11/1930), retired, formerly Studio Shoes [closed], Port Elizabeth, E. Cape, 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.

 

 

 

 

Exchange rates

Note: For previous rates, see HERE

1. SA Rand (ZAR)/Lesotho Loti (LSL)/Namibian Dollar (NAD)/Swazi Lilangeni (SZL)

Source: http://www.x-rates.com/calculator/

 
  Euro € GBP £ US $ CNY ¥
05/07/2025 R20.70 R24.00 R17.58 R 2.45
12/07/2025 R20.93 R24.18 R17.90 R 2.49
19/07/2025 R20.60 R23.78 R17.72 R 2.46
28/07/2025 R20.82 R23.90 R17.81 R 2.48
04/08/2025 R20.79 R23.87 R17.98 R 2.50
09/08/2025 R20.62 R23.85 R17.74 R 2.49
17/08/2025 R20.59 R23.85 R17.60 R 2.45
24/08/2025 R20.44 R23.55 R17.43 R 2.43
30/08/2025 R20.62 R23.83 R17.65 R 2.47
06/09/2025 R20.59 R23.70 R17.57 R 2.46
13/09/2025 R20.38 R23.54 R17.37 R 2.43
20/09/2025 R20.36 R23.38 R17.33 R 2.43
27/09/2025 R20.30 R23.23 R17.34 R 2.43
04/10/2025 R20.21 R23.20 R17.22 R 2.41
11/10/2025 R20.26 R23.32 R17.46 R 2.44
20/10/2025 R20.19 R23.22 R17.31 R 2.43
25/10/2025 R20.10 R23.00 R17.25 R 2.42
01/11/2025 R20.06 R22.78 R17.32 R 2.43
08/11/2025 R20.02 R22.77 R17.30 R 2.43
 


2. Botswana Pula

Source: http://www.x-rates.com/calculator/

 
  Euro € GBP £ US $ CNY ¥
05/07/2025 15.58 18.07 13.23 1.84
12/07/2025 14.77 17.07 12.64 1.76
19/07/2025 16.22 18.72 13.95 1.94
28/07/2025 15.81 18.16 13.53 1.88
04/08/2025 15.75 18.09 13.62 1.89
09/08/2025 16.58 19.17 14.26 1.98
17/08/2025 16.57 19.22 14.18 1.97
24/08/2025 16.89 19.45 14.40 2.01
30/08/2025 16.78 19.40 14.36 2.01
06/09/2025 16.45 18.93 14.04 1.96
13/09/2025 16.67 19.26 14.21 1.99
20/09/2025 16.63 19.10 14.16 1.99
27/09/2025 15.68 17.94 13.40 1.87
04/10/2025 16.58 19.03 14.12 1.98
11/10/2025 16.41 18.89 14.14 1.98
20/10/2025 16.57 19.06 14.21 1.99
25/10/2025 16.40 18.77 14.08 1.97
01/11/2025 16.55 18.80 14.29 2.01
08/11/2025 16.60 18.87 14.34 2.01


3. Malawian Kwacha (MWK) (buying)

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

 
  Euro € GBP £ US $ ZAR
05/07/2025 2082.80 2416.70 1717.02 100.70
12/07/2025 2065.11 2393.71 1717.02 99.44
19/07/2025 2054.50 2372.84 1717.02 99.43
28/07/2025 2072.89 2372.13 1717.02 99.60
04/08/2025 2043.89 2346.49 1717.02 98.34
09/08/2025 2059.63 2374.43 1717.02 99.76
17/08/2025 2063.52 2395.47 1717.02 100.69
24/08/2025 2050.79 2370.89 1717.02 99.83
30/08/2025 2062.64 2386.46 1717.02 99.78
06/09/2025 2064.05 2381.33 1717.02 99.85
13/09/2025 2074.13 2396.36 1717.02 101.76
20/09/2025 2082.09 2388.75 1717.02 101.85
27/09/2025 2065.29 2361.70 1717.02 101.40
04/10/2025 2072.36 2375.84 1717.02 102.32
11/10/2025 2046.37 2350.20 1717.02 102.44
20/10/2025 Not available this morning
25/10/2025 2052.20 2355.86 1717.02 102.09
01/11/2025 2046.37 2326.15 1717.02 102.32
08/11/2025 2039.47 2319.07 1717.02 101.85


4. Zambian Kwacha (ZMW) (buying)

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

 
  Euro € GBP £ US $ ZAR
05/07/2025 28.57 33.11 24.25 1.37
12/07/2025 27.16 31.38 23.24 1.29
19/07/2025 26.77 30.91 22.95 1.29
28/07/2025 27.37 31.38 23.36 1.31
04/08/2025 Website would not open this morning
09/08/2025 27.01 31.13 23.18 1.30
17/08/2025 27.13 31.48 23.21 1.31
24/08/2025 26.97 31.16 23.22 1.31
30/08/2025 27.47 31.69 23.55 1.32
06/09/2025 28.03 32.32 23.87 1.36
13/09/2025 27.88 32.25 23.81 1.36
20/09/2025 27.79 32.85 23.62 1.35
27/09/2025 27.79 31.82 23.77 1.36
04/10/2025 27.90 31.98 23.77 1.37
11/10/2025 26.22 30.10 22.66 1.31
20/10/2025 26.44 30.37 22.65 1.30
25/10/2025 25.81 29.69 22.25 1.28
01/11/2025 25.62 29.06 22.17 1.27
08/11/2025 26.20 29.73 22.66 1.30



5. Zimbabwe Gold (ZiG)

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

 
  Euro € GBP £ US$ ZAR
05/07/2025 ZIG 31.68 ZIG 36.78 ZIG 26.89 ZIG 0.65
12/07/2025 ZIG 31.35 ZIG 36.40 ZIG 26.83 ZIG 0.66
19/07/2025 ZIG 31.13 ZIG 35.96 ZIG 26.80 ZIG 0.66
28/07/2025 ZIG 31.45 ZIG 35.98 ZIG 26.79 ZIG 0.66
04/08/2025 ZIG 31.02 ZIG 35.58 ZIG 26.79 ZIG 0.67
04/08/2025 Website would not open on Saturday
17/08/2025 ZIG 31.17 ZIG 36.22 ZIG 26.78 ZIG 0.66
24/08/2025 ZIG 30.99 ZIG 35.83 ZIG 26.75 ZIG 0.66
30/08/2025 ZIG 31.20 ZIG 36.10 ZIG 26.75 ZIG 0.66
06/09/2025 ZIG 31.17 ZIG 35.93 ZIG 26.71 ZIG 0.66
13/09/2025 ZIG 31.35 ZIG 36.23 ZIG 26.72 ZIG 0.65
20/09/2025 ZIG 31.28 ZIG 35.99 ZIG 26.56 ZIG 0.65
27/09/2025 ZIG 31.03 ZIG 35.48 ZIG 26.57 ZIG 0.65
04/10/2025 ZIG 31.23 ZIG 35.81 ZIG 26.65 ZIG 0.64
11/10/2025 ZIG 30.91 ZIG 35.55 ZIG 26.71 ZIG 0.64
20/10/2025 ZIG 31.06 ZIG 35.76 ZIG 26.61 ZIG 0.65
25/10/2025 ZIG 30.77 ZIG 35.30 ZIG 26.51 ZIG 0.65
01/11/2025 ZIG 30.52 ZIG 34.69 ZIG 26.38 ZIG 0.65
08/11/2025 ZIG 30.44 ZIG 34.62 ZIG 26.38 ZIG 0.65
 

Note: For previous rates, see HERE

 

 

 

ABSA Agri Trends: Hides & skins prices

Johannesburg, Gauteng, SA (07 November 2025) – The current average hide price increased by 0.47% to R2.32/kg from R2.30/kg a week ago. The current price is 0.12% lower than the average price a month ago and was 17.1% lower than the average price a year ago. The range of prices reported was as follows: Minimum price: R2.25 Maximum price: R2.77. 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, 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:

Ilanga Bags, Durban, KZN, SA. Plastic beach and shopper bags manufacturer.
Iletique Modes, Bethlehem, Free State, SA. Women’s apparel retailer.

 

THIS WEEK LAST YEAR!

Not much to celebrate so far, but optimistic for last 2 months

Pepkor: Trading update

Harry’s Retailers: The realities of retailing

Will UK brands commit to producing 1% of their clothing in Leicester?

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

READ IT HERE - S&V Weekly Newsletter Vol.10 No.46, November 11 2024

 

THIS WEEK FIVE YEARS AGO!!

Business
- South Africa
-- 'The Scottish Group: Wholesale shut, retail 'plans to continue'
-- 'Business would have to improve for me to go back into shoes'
-- 'People are getting on with their lives'

- Zimbabwe
-- Back in production after 6 months

SAFLIA annual report

Stock Exchange News Service (SENS)
- AVI - chairman’s comment on trading conditions
- Truworths: Business update
- TFG interim results September 2020
- Mr Price - trading statement

READ IT HERE - S&V Weekly Newsletter Vol.6 No.45, Nov 9, 2020

 

NEWSLETTER ARCHIVE

All the past S&V Weekly Newsletters from January 2016 onwards are available in the newsletter archive.
VIEW THE ARCHIVE - CLICK HERE

 

Contact us

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

Next newsletter: Monday 17 November, 2025. Ad and editorial deadline Friday 14 November.

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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