JSE-listed micro-cap jewellery and watch retail group Luxe Holdings has announced a partnership deal with Durban-based Retailability that will see its NWJ stores secure concessionary trading space within Edgars fashion outlets, including Namibia.
NWJ aims to be represented in the majority of Edgars stores within South Africa and Namibia by 2023.
Retailability is the owner of Edgars, while Luxe came out of the restructured former Taste Holdings group, which once also owned the Starbucks coffee and Domino’s pizza chains in SA.
After Taste’s embattled food businesses were closed or sold last year, the group was renamed Luxe and its focus turned to purely jewellery retail.
In a voluntary Sens statement announcing the deal with Retailability, Luxe noted that the move has already been piloted this year with jewellery and watch ‘shop-in-shop’ counters in around 20 Edgars stores.
NWJ is pleased to announce that it will implement a roll-out strategy to double its footprint of NWJ counters in a further number of Edgars stores from early 2022, with the aim to be represented in the majority of Edgars stores within South Africa and Namibia by 2023,” Luxe pointed out.
“Our evaluation and experience of the pilot project indicates that the Edgars’ customer ideally fits NWJ’s offering of quality, value and variety. Edgars’ substantial customer base also holds significant potential for NWJ’s benefit from this credible, well established and trusted household brand.”
Analysts are not convinced this move by Luxe will see a substantial turnaround in the business, especially with South Africans cutting back spending currently on certain luxury goods considering the work-from-home trend and people staying home due to Covid-19.The Brief/Moneyweb