The Foschini Group launches tech hub to drive its e-commerce growth ambitions

SOUTH AFRICA – Retail clothing group, The Foschini Group (TFG) has launched TFGLabs, its new tech hub to drive its omnichannel and e-commerce growth ambitions. The new TFGLabs is led by Superbalist co-founders and seasoned online entrepreneurs Luke Jedeikin and Claude Hanan, who serve as joint chief omni-officers. Hanan said TFG was on a journey to transform into Africa’s leading high-tech omnichannel retailer. “We are laying the foundations to become the largest, most reliable and most profitable e-commerce destination on the continent via a simplified, customer-centric approach, aimed at maximising group…

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Gap CEO exits office amid rising competition and dwindling fortunes

UNITED STATES – American apparel retail Gap Inc has revealed that its Chief Executive Officer Art Peck will leave the company at a time when the company is in the middle of a restructuring process aimed at cutting costs and increasing profit. The announcement also comes at a time when the apparel retailer slashed its full-year earnings forecast, a move that sent its shares down by 7%. Gap also now expects full-year adjusted earnings per share of $1.70 to $1.75, down from its previous forecast of $2.05 to $2.15. Since…

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