De Beers Makes Sweeping Cuts to Its Elite Diamond-Buying Club
The diamond company produced less than 22 million carats last year, down from almost 35 million in 2022.
South Africa
Retail
South Africa Will Impose New Tax on Fast Fashion Parcels
The country’s tax authority will soon impose a tax on cheap packages to protect the local clothing industry from international e-commerce competitors like Shein.
South Africa Will Impose New Tax on Fast Fashion Parcels
The country’s tax authority will soon impose a tax on cheap packages to protect the local clothing industry from international e-commerce competitors like Shein.
Global Markets
How Fashion Entrepreneurs Are Surviving Crises in South Africa
Resourceful leaders are turning to creative contingency plans in the face of a national energy crisis, crumbling infrastructure, economic stagnation and social unrest.
How Fashion Entrepreneurs Are Surviving Crises in South Africa
Resourceful leaders are turning to creative contingency plans in the face of a national energy crisis, crumbling infrastructure, economic stagnation and social unrest.
Luxury
Thebe Magugu Wants to Build an International Brand Without Forgetting the Customers at Home
The South African designer is taking a step back from the global stage by prioritising his local market, investing in DTC and working with new stockists across Africa.
Thebe Magugu Wants to Build an International Brand Without Forgetting the Customers at Home
The South African designer is taking a step back from the global stage by prioritising his local market, investing in DTC and working with new stockists across Africa.
Global Markets
South Africa’s Budget Fashion Giant Sees Profits Surge
South African retailer Pepkor Holdings on Friday reported a 115.2 percent jump in annual earnings, rebounding from a low base in 2020 when it was hit by coronavirus lockdown restrictions.
South Africa’s Budget Fashion Giant Sees Profits Surge
South African retailer Pepkor Holdings on Friday reported a 115.2 percent jump in annual earnings, rebounding from a low base in 2020 when it was hit by coronavirus lockdown restrictions.
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Workplace & Talent
South African Retail Giant Truworths Appoints New CFO
Emanuel Cristaudo will take on the role of chief financial officer of the 104-year-old South African fashion retailer effective July 1, Reuters
South African Retail Giant Truworths Appoints New CFO
Emanuel Cristaudo will take on the role of chief financial officer of the 104-year-old South African fashion retailer effective July 1, Reuters
Global Markets
Africa’s $20 Billion E-Commerce Opportunity
The pandemic shone a spotlight on African e-commerce giants like Jumia, Konga and Takealot but now there is a race to become the fashion gateway for the continent. Which specialist etailer will win?
Africa’s $20 Billion E-Commerce Opportunity
The pandemic shone a spotlight on African e-commerce giants like Jumia, Konga and Takealot but now there is a race to become the fashion gateway for the continent. Which specialist etailer will win?
Retail
Old Mutual Backs South African Retailer Footgear’s Acquisition Plans
The plan to buy Edcon’s Edgars Active and High Key assets will create one of Southern Africa's largest sports and casual wear businesses.
Old Mutual Backs South African Retailer Footgear’s Acquisition Plans
The plan to buy Edcon’s Edgars Active and High Key assets will create one of Southern Africa's largest sports and casual wear businesses.
Beauty
South African Department Store Woolworths Partners With Beyoncé Makeup Artist
Like many of its peers, Woolworths has invested heavily in its beauty business by partnering luxury international brands such as House of Chanel, Estée Lauder and Jo Malone.
South African Department Store Woolworths Partners With Beyoncé Makeup Artist
Like many of its peers, Woolworths has invested heavily in its beauty business by partnering luxury international brands such as House of Chanel, Estée Lauder and Jo Malone.
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News & Analysis
Nkosiyati Khumalo: 'Fashion Needs to Include More Diverse Voices'
This week, we meet BoF Professional member Nkosiyati Khumalo, editor-in-chief of GQ South Africa.
Nkosiyati Khumalo: 'Fashion Needs to Include More Diverse Voices'
This week, we meet BoF Professional member Nkosiyati Khumalo, editor-in-chief of GQ South Africa.
Retail
Woolworths CEO Under Pressure as David Jones Struggles
Two Australian non-executive directors resigned from David Jones last week, hot on the heels of CEO David Thomas, the third head of that business to leave in five years.
Woolworths CEO Under Pressure as David Jones Struggles
Two Australian non-executive directors resigned from David Jones last week, hot on the heels of CEO David Thomas, the third head of that business to leave in five years.
Retail
South Africa's Woolworths Hit by Sluggish Sales, Earnings Warning
Sales at the local fashion, beauty and home business declined by 2 percent, with comparable store sales down 2.4 percent due to a significantly smaller winter clearance sale in the first quarter.
South Africa's Woolworths Hit by Sluggish Sales, Earnings Warning
Sales at the local fashion, beauty and home business declined by 2 percent, with comparable store sales down 2.4 percent due to a significantly smaller winter clearance sale in the first quarter.
News & Analysis
Nike Stores in South Africa Reopen Following Backlash Over Racist Video
Some stores were closed earlier in the week following a backlash over racist comments by a man said to have links to the US sportswear company.
Nike Stores in South Africa Reopen Following Backlash Over Racist Video
Some stores were closed earlier in the week following a backlash over racist comments by a man said to have links to the US sportswear company.
The News in Brief
L’Oréal India in Talks to Acquire Beauty Company Innovist
L’Oréal is in advanced talks to acquire a majority stake in Bare Anatomy parent Innovist sources told The Economic Times India.
Zegna Chairman Says War Has Clouded Visibility of Demand in Middle East
The Italian fashion house cautioned the war is reducing visibility on demand in the Middle East, which accounts for 7 percent of its sales, though all stores are currently open in the region.
Glossier Appoints New CMO
Nicole Solorzano, who joins from Ouai, is the Millennial beauty brand’s latest hire.
Macy’s CEO Points to E-Shaped Economy, Signalling Consumer Shift
The mention of a forked economy by the head of America’s largest department store signals a heightened wariness that middle-income Americans will continue to spend at the same pace.
France’s Bid to Suspend Shein’s Marketplace Rejected by Appeals Court
The decision from Paris’ Court of Appeal marked a win for the fast-fashion giant after a scandal over sex dolls resembling children for sale on its site.
Coty Announces Board Revamp
The embattled Covergirl owner has appointed five new independent directors amidst a wider leadership and company shakeup.
Zimmermann Names Roberto Eggs CEO
The Moncler Group executive will succeed longtime CEO Chris Olliver, who is staying on as executive chairman.