Foschini African expansion to salvage poor SA retail outlook
Ventures-Africa - Oct 11th, 08:07
Foschini, JSE’s worst-performing clothing retailer this year, said it plans to open 21 new stores on the rest of the continent as consumers in South Africa continue to struggle in debt.
The Cape Town-based Group’s CEO, Doug Murray said to Reuters: “We plan to open five or six new stores in Zambia and four in Ghana, and would open 42 new stores in the rest of the continent in fiscal 2015 and 38 in fiscal 2016.”
“We will double our African footprint over the next 3 years, that will take us to about 205 stores by the end of 2016″, he added
The retailer, which owns the Fabiani and Charles & Keith fashion brands in Africa’s largest economy, joins retailers such as Carrefour, Shoprite, Walmart’s Massmart and Truworths International in expansion moves across Africa as South Africa’s retail continues to plunge.
With over 200 stores located in prime shopping centres in Southern Africa, the company which caters for women, is considered the second largest departmental retailer of cosmetics in South Africa, representing the major international brands including L’Oreal, Revlon, Clarins, Clinique, Elizabeth Arden, and Yardley.© 2013 Ventures Africa. All Rights Reserved
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