The Foschini Group gets green light to acquire Jet Stores

SOUTH AFRICA – South Africa’s Competition Tribunal has approved the proposed acquisition of Jet Stores by The Foschini Group subject to conditions as the seller Edcon says it would maintain its big branch of Edgars in downtown Johannesburg, which has been there for 90 years and is being renovated, a major impetus to the central business district. It was reported earlier this month that the Jet deal was one step closer after the Competition Commission recommended to the tribunal that the merger be approved with conditions relating to employment and…

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Retailability acquires parts of Edgars business

SOUTH AFRICA – Edcon has announced the sale of parts of the Edgars business in South Africa to Retailability (Pty) Ltd having received all the approvals from the regulatory authorities after meeting and fulfilling all the conditions set by the regulators. The sale includes the transfer of approximately 120 stores in South Africa together with the businesses conducted therein. Retailability, a fashion retailer and a holding company of store brands including Legit, Beaver Canoe and Style, operates in over 460 stores across South Africa, Namibia, Botswana, Lesotho, and eSwatini.  Retailability…

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Clothing retailer Edgars appoints Tjeludo Ndlovu as the new chief executive officer

SOUTH AFRICA – Edgars Stores Limited, a clothing retailer, has appointed Ms Tjeludo Ndlovu as its chief executive officer effective July 1, 2020 taking over from Mrs Linda Masterson who has retired. A chartered accountant, Ms Ndlovu joined Edgars eight years ago as group financial accountant, a role in which she doubled as company secretary. She was elevated to managing director for the Jet chain before becoming managing director for the Edgars chain. Ms Ndlovu takes reigns of the business at a time of great economic difficulty in the country,…

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South African retailer Edcon sells stake in Edgars to Mauritian incorporated entity

ZIMBABWE – South African retail giant, Edcon has completed the disposal of its shareholding in Zimbabwe-based clothing chain Edgars Stores Limited to Mauritius incorporated entity SSCG Africa Holdings, as the group realigns operations to remain sustainable. Edcon controlled a 41 percent stake in Edgars Zimbabwe, which has 25 branches across the country as well as 25 Jet Stores, a micro-finance business and Carousel garment manufacturing factory in Bulawayo. The transaction entails SSCG’s acquisition of a 100 percent shareholding in Bellfield Limited which is an investment vehicle owned by Edcon. The…

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Absa sells its stake in Edcon store card portfolio to the RCS Group

SOUTH AFRICA – Absa Bank has sold its stake in the Edcon store card portfolio to microlender RCS Group, a subsidiary of French group BNP Paribas Personal Finance, as it focuses on core assets. RCS said that it had entered into commercial agreements with Edcon, inclusive of credit cards, store cards and personal loans. RCS said the transaction purchase consideration would be settled by a combination of internal cash resources and funding to be provided by Rand Merchant Bank, a division of FirstRand Bank and The Standard Bank of South…

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