South Africa-owned retail store, Shoprite Holdings Limited, has announced that the sale of its Nigerian outlets was being concluded.
The company said it would shut down operations in the country by disposing all its 100 percent equity stake in its Nigerian retail supermarkets.
In its latest financial report for December 2020 operations obtained from the company’s website on Tuesday, Shoprite stated that the company was awaiting approval from the Federal Competition and Consumer Protection Commission after filing for approval with the commission.
According to the company, the management expects the transaction to be approved by the end of the 2021 financial year.
Shoprite added that the management was in the process of concluding a franchise agreement for the Shoprite brand to remain in Nigeria as well as an administration and services agreement to provide support to the new shareholders with operating the outlets.
The Chief Executive Officer, Pieter Engelbrecht said, “We are at the approval stage in terms of the sale of our Nigeria supermarket operation.
“From here, our capital allocated to the region remains at a minimum and we continue to manage costs as best as we can.”
“Statement of comprehensive income reflects profit from discontinued operations separately; assets and liabilities relating to the Nigeria operations disclosed as held for sale,” the report stated.
The company had in August last year in its half year 2020 financial report announced that it would gradually end its operation in Nigeria.
It said the board decided to formally exit its operations in Nigeria over unfavourable market conditions.
Amazon Launches First ‘Real Life’ Clothing Store For Men And Women
American multinational technology company, Amazon is launching its first apparel store, ‘Amazon Style’.
Investors King gathered that the clothing store, located in a Southern California mall, later this year will feature women’s and men’s apparel, shoes, and accessories from a mix of well-known and emerging brands, with prices catering to a wide range of shoppers.
According to Amazon, shoppers will get personalized recommendations pushed to their phones as they browse the new Amazon Style store. The company also noted that the clothing store will feature a mix of well-known and emerging brands, adding that every individual’s budget would be met.
The store which will be about 30,000 square feet would be digitalized as shoppers will rely heavily on their smartphones in order to browse the store.
Managing Director of Amazon Style, Simoina Vasen told CNBC that when shoppers walk into the store, they’ll see “display items,” featuring just one size and color of a particular product; the remaining inventory for each product will kept in the back of the store.
He added that after logging into the Amazon app on a smartphone, they’ll scan a QR code on the item to view additional sizes, colors, product ratings and other information, such as personalized recommendations for similar items.
“This allows us to offer more selection without requiring customers to sift through racks to find that right color, size and fit,” he said.
After scanning the QR code on an item, shoppers can click a button in the Amazon app to add the item to a fitting room or send it to a pickup counter.
According to Vasen, shoppers will be able to access their in-store purchase history in the Amazon app.
A recently released research by Wells Fargo analysts shows that Amazon has surpassed Walmart as the No. 1 apparel retailer in the U.S.. This is largely due to the e-commerce boom recorded as a result of the COVID-19 pandemic.
Wells Fargo estimates that Amazon’s apparel and footwear sales in the U.S. grew by roughly 15% in 2020 to more than $41 billion, which is 20% to 25% above rival Walmart.
This represents an 11 to 12 percent share of all clothing sold in the U.S. and 34 to 35 percent share of all clothing sold online.
Nike Most Marketed Sports Brand On Social Media With $617M Ad Value
American sportswear brand Nike created the most commercial ad value on social media in the sports industry in 2021. According to the latest data presented by Safebetting, Nike produced $617 Million worth of ad value through their commercial partners on various social platforms. They were followed by Adidas in the second spot.
Nike received $617M worth of Social Media exposure via 16236 partners in 2021
A recent report looks into top marketable sporting brands on social media. The report compares various bands in the sports industry and their sponsorship deals with athletes and sports organisations. It further analyses various social media engagements created for these brands and then quantifies the overall exposure into equivalent advertising value.
As per the report, at present, Nike has the highest number of commercial partnerships in the sporting industry at 16,236 partners. Hence, it should not be a surprise to see them produce the most ad value, $617 Million, through social media engagements.
However, it is definitely interesting that Adidas, second in the list with $343 Million worth of advertising value, doesn’t come anywhere near Nike. The German brand managed the distant second spot with 9,181 partnerships.
Airline company Emirates is a familiar sight in sporting events. However, the Dubai-based company is not a traditional sporting brand like Nike and Adidas. Emirates produced a $220m worth of ad value on social media through their 2269 sporting partnerships.
Spanish financial company Santander also relies hugely on sports to advertise themselves. They produced $187m value worth of exposure in social media engagements through their 1173 partners. Energy drink Red Bull is on the fifth spot of the list with $162m in ad value on social media. At 4611, Red Bull’s count of partners is significantly higher than Emirates and Santander.
German sportswear brand Puma comes sixth in the list. Puma is a popular sports brand, and it might surprise some to see them this low on the list. In fact, according to the report, Puma has the highest number of commercial partnerships in sports behind Nike and Adidas – at 4961. However, the company generated only $150m in social media ad value.
US-based insurance group State Farm comes in the seventh spot. The company has 978 sporting partnerships which helped it make $148m in ad value on various platforms. State Farm has a number of high-value partnerships across all major US sports.
Monster Energy occupies the eighth spot on the list. The energy-drink brand, currently purchased by the Coca-Cola Company, has 3023 partnerships in the sports industry. It benefitted with $143million ad value through its partnerships.
Indian-gambling company Dream 11 is an interesting case. It has only 167 commercial partnerships, but it was helped by $112m-worth of promotion on social media. Netherlands-based beverage brand Heineken is in the last spot with $109M in ad value on social media through its 1231 partners.
Burger King Expands to Nigeria
Burger King, an American multinational chain of hamburger fast food restaurants, has opened its very first restaurant in Nigeria to deepen its growing brand, support new job creation and enhance economic productivity in Africa’s largest economy.
The United States Mission in Nigeria has praised the improving commercial ties between Nigeria and the United States as American franchises and branches set up shops in Nigeria. This has in turn created more jobs as well as investment opportunities in the country.
This was said by the US Mission Commercial Counselor, Jennifer Woods during her speech at the opening of the Burger King outlet in Nigeria. Woods underlined the impact which new businesses have on a country’s economy, especially with a popular franchise like Burger King opening in a developing market like Nigeria.
She said that being Africa’s largest economy and a large youth population with a strong connection to the world, American brands must look at Nigeria as a highly critical market. She went ahead to state that while the companies will benefit from the expansion into the country, Nigeria itself will also benefit largely from their presence in the country.
Woods also described the addition of another American-owned franchise (one that emphasizes a culture of excellence) will help to provide job opportunities as the business expands to new parts across the country. She praised the high level of interest by consumers and the passion which they have for the iconic American rapid service restaurant since it began its operations in early November.
The Speaker of the Nigerian House of Representatives, Honourable Femi Gbajabiamila congratulated Burger King and all its local partners on the intriguing business deal, explaining it as another signal of the benefits of a close business relationship between the United States and Nigeria. He also stated that Burger King is expected to open hundreds of outlets across the country.
Burger King entered into an alliance with local firm, Allied Food & Confectionary Services Limited in order to bring the American brand into the Nigerian market. The Group Managing Director of Allied Food & Confectionary Services Limited, Antoine Zammarieh has prior experience bringing United States rapid service restaurants to Nigeria.
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