Woolworths Kenya signs 'pay as you wear' sales deal

SERVICES NEWS

The-Star.co.ke - Nov 11th, 08:41

Clothing retailer, Woolworths Kenya has signed an agreement with consumer finance firm afb allowing its customers to buy goods on credit to be repaid in six months.
 

The company, owned 49 per cent by Deacons with Mauritian Woolworths Holdings controlling the remaining stake said the move was part of a wider strategy to drive sales.

Deacons chief executive Muchiri Wahome said the retailer was targeting a sustained annual growth of 40 per cent in turnover in medium term by leveraging on “innovation, quality and value for money.”

Deacons recently slashed its prices by an average of 25 per cent in a bid to stave off growing competition in a market segment driven by middle class.

“Availability of credit enables customers to purchase what they want when they want it,” Wahome said at a press briefing in Nairobi. “Saving for a specific purchase often leads to disappointment when the item has been sold.”

Woolworths has six stores in Nairobi and one in Mombasa.

Customers will access Woolworths store cards only after successfully showing proof of regular income while those in informal sector will have to be cleared by a credit rating bureau, said afb's managing director for cards Brett Van Aswegen.
From The-Star.co.ke