S&V Weekly Newsletter Vol. 12 No. 08, February 23 2026

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Listed company reports
TFG: Q3 FY2026 and the 9 months ended 27 December 2025

Apparel and like-for-like growth slowing in TFG Africa. UK and Australia down except for new acquisition

These are extracts from the full report which can be seen here:
Cape Town, W. Cape, SA – Trading update for Q3 FY2026 and the 9 months ended 27 December 2025 and trading statement for the 12 months ending 31 March 2026.
- Group sales grew by 7,5% for the year to date. Excluding White Stuff, which was acquired with effect from 25
October 2024, sales grew by 2,0%;
- Group sales grew by 2,9% for Q3 FY2026. Excluding White Stuff sales grew 1,8%;
- Group online sales grew by 23,4% in Q3 FY2026 and by 36,6% for the year to date, and now contribute 14,3% to total retail sales;
- Market share in South Africa in Q3 FY2026, as measured by the Retail Liaison Committee (RLC), increased by 60 basis points in homeware and furniture, and was maintained in apparel;
- Group gross profit was up 6,3% on the prior 9-month period with gross margin decreasing by 80 bps for the year to date, reflecting the impact of clearance activity necessitated by the challenging trading environment;
- Group sales grew by 3,0% (in constant currency 4,7%) for the 5 weeks ended 31 January 2026; and
- TFG Africa sales grew by 5,8% for the 5 weeks ended 31 January 2026 with gross margin normalising in January 2026.

TFG AFRICA

Like-for-like sales for TFG Africa grew by 1,2% in Q3 FY2026 and by 2,9% year to date.

TFG LONDON

Sales increased by 6,5% (in GBP) in Q3 FY2026 and by 37,2% for the year to date. Excluding White Stuff, sales contracted by 2,4% in Q3 FY2026 and by 2,6% for the year to date, as the UK continues to experience difficult trading conditions. Despite this, White Stuff continues to perform well within its sub-category with sales growth of 5,8% for the year to date on a pro-forma basis.

TFG AUSTRALIA

In Australia consumers remain value oriented amidst ongoing tough trading conditions with sales contracting 2,6% in AUD in Q3 FY2026, and by 1,9% for the year to date compared to the 0,5% contraction experienced in the first half of the year.

Pepkor: Voluntary trading update for the 3 months ended 31 December 2025

Local market share up. Shoe City closed

These are extracts from the full report which can be seen here:
Cape Town, W. Cape, SA – For the 3 months ended 31 December 2025, group revenue from continuing operations increased by 12.9% to R29.9 billion.
     Pepkor made a number of targeted acquisitions in 2025. When excluding the contribution from these acquisitions, group revenue increased by 8.3%. For the comparable quarter last year revenue increased by 12.3%, benefiting from improved product availability in-store and the introduction of the two-pot retirement system, which significantly boosted consumer spending. On a 2-year basis, group revenue increased by 10.3%.

Group sales increased by 10.6% (5.2% excluding acquisitions) and like-for-like sales, which by definition excludes acquisitions, increased by 3.0% for the quarter.
     In Southern Africa (excluding PEP Africa and Avenida), like-for-like sales increased by 2.0% compared to a very high like-for-like sales growth base of 9.6% reported in Q1FY25. The group outperformed the market and expanded market share (excluding acquisitions) based on Retailers Liaison Committee (RLC) 12mma data for December 2025, despite significant promotional activity by competitors.
     Outside Southern Africa (PEP Africa and Avenida), like-for-like sales increased by 12.7% in constant currency (Q1FY25: 4.4%) and by 16.7% in rand-terms (Q1FY25: -14.6%).

During 2025, Ackermans closed the Ackermans Woman standalone store format (46 stores). Excluding Ackermans Woman, total Ackermans sales increased by 1.6% (Q1FY25: 11.6%) and the Q1FY25 like-for-like sales growth was 10.2% compared to 9.7% reflected in the table above. The overall sales performance for the quarter in Ackermans was impacted by weak trading in October 2025 driven by seasonal transition and a reduction in lay-bys. Performance recovered well through December 2025 and momentum has continued into the back-to-school trading period.
     The recently acquired Legit, Swagga and Style businesses were successfully incorporated into the Speciality division during the quarter with Legit trading strongly in the period. Excluding these acquisitions, total sales in the Speciality division increased by 7.7%. The closure of the Shoe City business (113 stores) was successfully completed in January 2026, below anticipated cost levels and in line with plans. Shoe City is classified as discontinued operations.
     Pepkor Lifestyle sales growth of 13.7% includes the non-SA component of the OK Furniture and House & Home acquisition. Total sales excluding the acquisition increased by 4.5%, supported by strong trading in Tech, and softer performance in Home due to a demanding prior-year base.
The acquisition of the remaining SA-component of the OK Furniture and House & Home acquisition is in process and is expected to take several months to complete.

Trademarks

 African trademarks reform from March

Adams & Adams Published Date: 18/02/2026

Effective 01 March 2026, the revised Banjul Protocol is set to modernises the ARIPO trademark system.      The African Regional Intellectual Property Organization (ARIPO) has implemented one of its most substantial reforms through the revision of the Banjul Protocol.
     The changes introduce a streamlined 4part legal structure, clearer definitions, including formal recognition of an “ARIPO Mark”, and significant procedural improvements such as reduced examination timelines and strict opposition periods. These updates create a more digitised, and efficient administrative system, signalling a strengthened commitment to coordinated regional trademark protection.
     Businesses using ARIPO for regional filings should prepare for faster timelines and stricter opposition windows from 01 March 2026.

In case you missed it!

The February issue of S&V African Leather Magazine

CLICK HERE TO VIEW IT ONLINE

S&V African Leather Magazine Vol20 No2 February 2026

IN THIS ISSUE:

03 Sam Setter’s ‘Pills’
- A new quip from Sam Setter in each issue.

05 Upfront
- CKI appoints new Head of Leather with luxury brand background.
- Power outages, skins shortage halt Zambian factories ‘temporarily’.
- Henkel to acquire Stahl.

07 An Eclectic View
- LCA modularity: Where to allot the environmental costs…the not-so-simple aspect of life cycle assessments, writes correspondent H. Procter.

10 Leather, Its Image & Its Place In The World
- Africa’s leather industry: Progress, challenges and potential for growth, writes the Sustainable Leather Foundation’s Deborah Taylor.

11 Country Profile: South Africa
- Rich and varied resources, but German automotive leather upholstery downturn threatens stability of the tanning industry, writes editor Tony Dickson.

17 Weights & Measures
- Compiled by the ISTT.

18 Statistics
- Preliminary South African trade statistics for November 2025.



Advertisers in this Issue
Authenticae (04), International School of Tanning Technology (ISTT) (09), Mimosa (02), Rolfes Leather Division (06), S&V Calendar (01), S&V Directory (03), Southern African Footwear & Leather Export Council (SAFLEC) (08), Sustainable Leather Foundation (OFC).

They Said It

"Please accept my apologies for the delay in feedback here – I see your email was sent to me on my birthday, so it might have gotten ‘lost’ in the excitement of the day!” - Stella Heyns, group marketing executive, Falke.

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

Salomé Atmore, Head of Leather, Cape Karoo International, Oudtshoorn, South Africa
Filippo Gosio, CEO, Selin Projects, Bologna, Italy

Birthdays this week

23/02/1949: Jeff Burland, retired to Australia, formerly United Fram/Wayne Plastics, Johannesburg, Gauteng, SA.
24/02/1954: Linda Gordon, Riversdalse Skoenwinkel, Riversdal, W. Cape, SA.
24/02/1954: Peter Perkins, Sole Base, Durban, KZN, SA.
24/02/1973: M Taljaard, Taljaard Shoe Store, Germiston, Gauteng, SA.
25/02/1963: Anca Facauaru, Anca Shoes, Kempton Park, Gauteng, SA.
26/02/1946: Brian Carmichael, MTL Trading, Cape Town, W. Cape, SA.
26/02/1959: Prakash Chiba, Falcarragy Trading, Durban, KZN, SA.
26/02/1961: Keith Lyons, Strayz, Pinetown, KZN, SA.
26/02/1981: Ndlela Mazibuko, BBF Safety Group, Pinetown, KZN, SA.
27/02/1970: Ahmed Dadoo, Saddle Creek Enterprises (Pty) Ltd, Vereeniging, Gauteng, SA.
27/02/1975: Denver Mahabeer, ?, formerly Edgars, Johannesburg, Gauteng, SA.
28/02/1969: Dilesh Dajee, agent, Johannesburg, Gauteng, SA.

In memoriam this week

26/02/2023: David Scott (b. 04/09/1955), Scotts, Brazilia Footwear Importers (both closed), exporter, Pinetown, KZN, SA.
27/02/2010: Jean Mee ‘Mick’ Lailvaux (b. 22/02/1919), Service Agencies (closed), Durban, KZN, SA.
27/02/2010: Amanda ‘Mandy’ Terry (b. 20/02/1969), Makro, Johannesburg, Gauteng, SA.
27/02/2021: Wouter Joubert (b. 06/02/1964), VF Corporation in Vietnam, previously TFG Apparel Supply Co, Cape Town, W. Cape, SA.
28/02/2016: Johnny Parboo (b. 21/10/1945), Labora Shoes, Durban, KZN, SA.
01/03/2004: Sandra Faye Campbell (b. 09/06/1971), Dunn’s Stores, Johannesburg, Gauteng, SA.
01/03/2024: Glen Puttergill (b. 18/05/1944), Glen's Shoes [closed], East London, 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.

Directory entries updated last week

Department of Trade, Industry & Competition (DTIC), Pretoria, Gauteng, SA.

3. Malawian Kwacha (MWK) (buying)

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

4. Zambian Kwacha (ZMW) (buying)

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

5. 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 (20 February 2026) - The current average hide price decreased by 0.06% to R2.324/kg from R2.325/kg a week ago. The current price is 0.16% higher than the average price a month ago and was 17,0% lower than the average price a year ago. The range of prices reported was as follows: Minimum price: R2.25 Maximum price: R2.83. 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:

Italtan Leather, Johannesburg, Gauteng, SA. Leather wholesaler.
Crocodile Specialist Group. Switzerland. Division of the International Union for the Conservation of Nature.

THIS WEEK LAST YEAR!

‘Switch to local sourcing has worked for us’

More risk, but instinct still delivers

Leather women’s sandals ‘a consistent niche’

‘Survey shows 82% of US voters – including 76% of Republicans – think tariffs will raise prices at everyday stores’

READ IT HERE - S&V Weekly Newsletter Vol.11 No.8, February 24 2025

THIS WEEK FIVE YEARS AGO!!

Business
- South Africa
-- Eagle Clothing: Chain orders will disrupt deliveries of local goods
-- Bhamjee's: Ironic that Rand strengthens, but we can't risk buying more

Stock Exchange News Service (SENS)
- Truworths: Interim results December 2020

READ IT HERE - S&V Weekly Newsletter Vol.7 No.08, Feb 22 2021

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 02 March, 2026. Ad and editorial deadline Friday 27 February.

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