2024

INTEGRATED REPORT

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About Truworths International

Truworths International Ltd is an investment holding and management company based in Cape Town, South Africa. The main operating companies, Truworths Ltd (Truworths, operating in South Africa) and Office Holdings Ltd (Office, operating primarily in the United Kingdom), are leading retailers of fashion clothing, footwear and related merchandise. The company listed on the JSE and the Namibian Stock Exchange in 1998, and on A2X Markets in 2022.

MORE THAN 100 YEARS OF FASHION

Founded in 1917 as The Alliance Trading Company, the business later changed its name to Truworths Fashion House and then to Truworths Ltd in 1940. By the 1950s the chain had expanded to 80 stores. Accounts were introduced into the business in 1955 and sales reached R1 million in 1959. Truworths continued to expand across South Africa and by the late 1970s had a footprint of 280 specialised boutique stores.

Recognised as one of the leading retailers in Africa with 802 mainly Truworths and Identity stores, and the Group has 86 Office stores and concessions in the UK and the Republic of Ireland. Physical retail stores are supported by a world-class online business in Office, contributing 46% of Office’s sales, together with a fast‑growing online store in Truworths contributing 5% of retail sales.

The Group’s retail sales exceed R21 billion and operating profit R4.5 billion (on a pro forma basis), with financial and operating metrics among the highest of fashion retail companies worldwide.

EVOLUTION OF THE BRAND PORTFOLIO

Truworths is synonymous with superior quality, aspirational fashion and has a portfolio of some of South Africa’s most desired apparel brands, most of which are owned by the Group and have been developed over the past four decades.

  • Daniel Hechter (under a long-term licence agreement since 1984)
  • Inwear (1986)
  • Truworths Man (1988)
  • Truworths Jewellery (1989)
  • LTD (1992)
  • Identity and Truworths Elements (1999)
  • Ginger Mary (2004)
  • Hey Betty (2011)
  • Office London (2017)
  • Context and ID Kids (2019)
  • Fuel and Sync (2021)
  • Loads for Kids (2022)

DOMESTIC EXPANSION THROUGH ACQUISITION

The organic expansion of the brand portfolio has been complemented by the acquisition of specialist brands in South Africa:

  • Young Designers Emporium (2003)
  • Italian-inspired menswear brand Uzzi (2006)
  • Ladieswear brand Earthaddict (2015)
  • Kidswear brands Earthchild and Naartjie (2015)
  • Homeware and linen retailer Loads of Living (2017)

INTERNATIONAL EXPANSION

Truworths International expanded into the northern hemisphere retail market in 2015 with the acquisition of the Office fashion footwear chain in the United Kingdom, trading under the Office and Offspring brands. The acquisition formed part of the Group’s strategy to diversify its mass market customer base into both developed and emerging market countries as well as diversifying the Group’s earnings profile. Office offers fashion-forward footwear with a unique range of branded footwear and sneakers and own-branded fashion shoes.

TRUWORTHS

OFFICE

TRUWORTHS

Market positioning

Market-leading fashion apparel retailer offering internationally inspired, superior quality, aspirational fashion clothing, accessories and footwear for ladies, men, teenagers and kids, and fragrances, cosmetics and homeware in the mainstream middle to upper-income market.

Brands

Exclusively owned (or licensed) brands include Truworths, Truworths Man, Inwear, Identity, Daniel Hechter (licensed), LTD, Ginger Mary, Uzzi, Hey Betty, Earthaddict, Earthchild, Naartjie, Office London, Loads of Living, Context, Fuel, Sync and specialist glamour agency, YDE.

Store footprint

Retail footprint of 769 stores across all brands in South Africa and 33 stores in five other southern African countries.

Online retail

The store network is complemented by a fast-growing e‑commerce platform which accounts for 5% of Truworths retail sales.

Accounts

Account facilities are offered to customers across all brands and sales channels in South Africa, Namibia, eSwatini and Botswana. The active account customer base is 2.9 million. Truworths’ debtors book is self-funded and offers credit facilities with six, nine or 12-month payment plans to customers to facilitate the sale of merchandise.

RETAIL SALES

CASH: ACCOUNT SALES

PRODUCT MIX

SALES CHANNELS

STORE LOCATIONS

* Due to rounding.

OFFICE

Market positioning

Leading fashion footwear retailer in the UK for fashionable 16 to 29 year olds in the mid-level price range. A curated range of the latest in-demand styles and brands is offered in aspirational physical and digital environments to complement the fashion look.

Brands

Private label and major global third-party footwear brands, including Nike, Adidas, Converse, Veja, New Balance, OnRunning, Dr Martens, Birkenstock, UGG, Timberland, Asics, Hoka and Crocs, sold through Office and Offspring outlets.

Store footprint

Office has 86 stores in the UK and the Republic of Ireland, including 11 concession outlets in highprofile department store retailers.

Online retail

Well-established e-commerce business accounts for 46% of Office retail sales across a range of digital platforms.

2024

INTEGRATED REPORT