Who is the owner of Retailability?
Cliff Lines
The business is led by its founder and majority shareholder, Cliff Lines, an entrepreneur with more than 25 years of experience in fashion apparel retailing in Southern Africa.
Which company owns legit?
Retailability
Retailability is a fashion retailer and holding company that owns the brands Legit, Beaver Canoe and Style. It operates in more than 460 stores across South Africa, Namibia, Botswana, Lesotho and Eswatini.
How many stores does Retailability have?
With over 600 stores across Southern Africa including South Africa, Namibia, Botswana, Lesotho, Swaziland and Zambia – Retailability prides itself in bringing authentic and affordable fashion to our customers.
Which stores are part of the Edcon group?
Edgars (operates in Botswana, Lesotho, Namibia, Swaziland, South Africa, Zambia)
Who is Norman drieselmann?
Norman Drieselmann is the accountant-turned-retailer running Retailability, the Durban-based company that has just taken over Edgars.
How many stores does legit have?
We have 460 stores trading in Namibia, Botswana, Lesotho, Swaziland and South Africa.
What is happening to Edgars?
Last week retail group Edcon finalised the sale of parts of Edgars to Retailability, with all approvals from regulatory authorities and all conditions precedent either fulfilled or waived. The deal will see Retailability close a deal to acquire 130 out of 194 stores of the 91-year old icon of South African high street.
How much was Edgars sold for?
The R637 million, 217-store acquisition was announced in 2016 as part of Edcon’s initial restructuring, following US-based Bain Capital’s exit from the group. Retailability, which has financial backing by local private equity firm Metier, has returned to the limelight with the Edgars deal.
Does Edcon still exist?
Edcon is South Africa’s largest non-food retailer. The Johannesburg company has had a hard time staying afloat amid weak consumer spending and economic growth and in 2016, the company had to be taken over by banks and bank holders to stop it from collapsing.
Who owns Edgars now?
Who is the owner of Edcon?
Bain Capital
K2016470295 (South Africa) Limited
Edcon Limited/Parent organizations
Is legit part of TFG?
Owner of Legit offers to buy part of Edgars TFG said it is finalising its assessment of the capital requirements of the business and currently does not believe this would result in a significant change in the capital requirements for the overall TFG Group.