South Africa’s Truworths is betting on the launch of new clothing brands as well as entry into the budget-clothing market to support its medium-term growth after reporting a 7% decline in half-year profit on Thursday.
Footwear chain Office is up for sale with reports that its South African owner Truworths is seeking a quick exit from the UK-based brand that has had more than its fair share of problems in recent years.
Lorenzo Moretti, the chief executive officer of high street footwear retailer Office, has stepped down after a year in the role. Kerry van der Merwe, currently COO, has become interim managing director.
South Africa's Truworths International will close up to 15 of its loss-making Office stores in the UK, its CEO said on Friday, with an overhaul of the remainder of the shoe retailer expected to boost sales and profits.
Clothing retailer Truworths International Ltd on Thursday forecast lower annual core earnings and took a 97 million pound ($117.81 million) impairment charge related to its Office shoe chain in Britain.