Edcon

Edcon Limited
Private
Traded as ZSE: EDGR
Industry Retail
Headquarters Johannesburg, South Africa
Products Clothing, footwear, accessories, sporting goods
Subsidiaries Edgars Consolidated Department Stores
Website edcon.co.za

Edcon Limited is a retail company based in Johannesburg, South Africa. Its subsidiaries include Edgars, a department store with 37 branches.[1][2]

History

Edcon (Pty) Ltd is the leading clothing, footwear and textiles (CFT) retailing group in South Africa trading through a range of retail formats. The first Edgars store was opened on 6 September 1929 in Joubert Street, Johannesburg by Eli Ross.[3]:106 Since then, the Company has grown to ten retail brands trading in over 1000 stores in South Africa, Botswana, Namibia, Swaziland, Lesotho, Zimbabwe and Zambia.

Edcon's retail business has, through recent acquisitions, added top stationery and houseware brands as well as general merchandise to its CFT portfolio. Edcon Financial Services provides credit facilities and financial services products to the Group's over 4 million cardholders. In November 2015, according to reports, Edcon Limited referred to the National Consumer Tribunal.[4] In October 2017, it was reported that Edcon rewarded its customers with a revitalised ''thank U'' customer reward programme.[5]

Bain Capital concluded a private equity deal that delisted the group from the Johannesburg Stock Exchange in 2007.[6]

Following the private equity takeover, Edcon had a succession of CEOs, lost significant market share, and struggled with an oversupply of leased floorspace, resulting in the closure of 253 stores by 2018, as part of a recovery plan.[7]

In January 2018, Grant Pattison became CEO.[8]

Divisions

Defined by the target markets served, all retail business is structured under two divisions:

  • Department Stores Division (serving middle and upper income markets):
    • Edgars (operates in Botswana, Namibia, Swaziland, South Africa, Zambia, Zimbabwe)
    • CNA (operates in South Africa, Botswana and Namibia)
    • Boardmans (operates in South Africa, Namibia)
    • Prato (operates in South Africa)
    • Red Square
    • Temptations
  • Discount Division including (serving middle to lower income markets):
    • Jet (operates in Botswana, Lesotho, Namibia, South Africa, Swaziland, Zambia, Zimbabwe)
      • Jet Mart
      • Jet Shoes
    • Blacksnow

The stock of the company is listed on the Johannesburg Securities Exchange and Zimbabwe Stock Exchange, and is part of the Zimbabwe Industrial Index.


References

  1. ↑ "ZIM:EDGARS - Google Finance Search". finance.google.com. Retrieved 2017-08-31.
  2. ↑ "Edgars - Online Shop For Clothing, Shoes, Homeware & Beauty Products". www.edgars.co.za. Retrieved 2017-08-31.
  3. ↑ Musiker, Naomi; Musiker, Reuben (2000). A Concise Historical Dictionary of Greater Johannesburg. Cape Town: Francolin. ISBN 1868590712.
  4. ↑ OFM. "Edcon Limited referred to National Consumer Tribunal". OFM. Retrieved 2017-12-18.
  5. ↑ "WATCH: Edcon's new thank U" programme hopes to bring back customers | IOL Business Report". Retrieved 2017-10-18.
  6. ↑ http://www.businessday.co.za/articles/companies.aspx?ID=BD4A446936
  7. ↑ https://www.pressreader.com/south-africa/sunday-times/20180318/282660392950659
  8. ↑ "Grant Pattison to lead Edcon from June". Retrieved 2018-07-06.


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