We didn't know what part of the events of last week were most important to bring to your attention so we decided to share it all with you.
Economy
The South African Revenue Service (SARS) is cracking down on low-cost imports from online retailers like Shein and Temu. Starting this month, SARS introduced changes to customs duties and VAT to protect local industries. Previously, imports under R500 faced lower customs duties, but with the new rules, VAT will be added to the current 20% customs duty rate. The move is aimed at bolstering local businesses, particularly the textile industry, which has suffered from cheaper imports. This adjustment is expected to impact consumers who frequently shop on international e-commerce platforms. By November, customs duties will be aligned with global standards.
Brand
The Spring/Summer '24 campaign by Jockey South Africa, titled "Feels Like You. Feels like Jockey," focuses on redefining comfort and individuality in underwear. The campaign highlights the importance of choosing garments that align with personal style, fit, and comfort, challenging the idea of compromising on these essentials. Jockey emphasizes its use of high-quality materials and offers an extensive range of sizes, catering to a wide demographic.
Law
Truworths, a leading South African fashion retailer, reported a 6.3% decline in full-year profit for the period ending June 30, 2024. This drop, attributed to reduced discretionary spending amid high interest rates, saw headline earnings per share fall from 873.3 cents to 817.9 cents. Despite a 3.6% increase in group retail sales, driven by its UK operations, the company faced a decrease in credit sales, which make up 70% of its African business. Higher consumer debt servicing costs, due to increased interest rates, have led to a rise in defaults across the credit market. Truworths declared a 6.4% lower annual dividend of 529 cents per share, reflecting the financial strain on its middle-income customer base.
Information
FashionEVO has announced the renewal of its partnership with the Africa Creative Market (ACM) to host a dynamic Fashion Day on September 19, 2024, as part of ACM 2024 week. Dr. Yetty Ogunnubi, founder of FashionEVO, emphasized that this collaboration will spotlight the vibrant innovation and creativity within the Nigerian and African fashion scenes. The event will extend beyond traditional runway shows to include exclusive interviews, panel discussions, masterclasses, presentations, pop-up shops, and a fashion show featuring select designers. Topics will cover the future of fashion in Africa, advancements in fashion technology, entrepreneurship, and the influence of social media. Dr. Inya Lawal, ACM's convener, highlighted that FashionEVOās involvement will significantly enrich the Fashion Day, providing valuable insights and practical knowledge to advance Africa's fashion industry.
Event
Showmax has announced the premiere of its latest Nigerian Original, Style Magnate, set to debut on October 4, 2024. This new fashion competition will spotlight 20 emerging designers who will compete for a grand prize package worth 100 million Naira. Hosted by Nollywood star Joseph Benjamin and guided by fashion icon Mai Atafo, Style Magnate promises an exciting blend of high-stakes challenges, industry insights, and spectacular designs.
Brand
MaXhosa Africa is set to make a stunning return to Paris Fashion Week 2024 with its new MAXHONNAISSE collection, launching on September 27th. Chief Creative Director Laduma Ngxokolo describes this collection as a celebration of true African luxury, blending refinement, craftsmanship, and cultural heritage. Since its debut in 2010, the brand has dressed notable figures like Michelle Obama and Alicia Keys.
The MaXhosa brand seems to be showing out every week, their dedication to growth is inspiring. Don't you think?
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