Luxury conglomerate Richemont reported a 4% increase in annual sales, reaching €21.4 billion, driven by strong demand for its high-end jewellery brands. The group’s Jewellery Maisons—including Cartier and Van Cleef & Arpels—grew sales by 8%, offsetting a 13% decline in its specialist watch division. All regions except Asia Pacific delivered double-digit growth, with particularly strong performances in Europe (10%), the Americas (16%), and Japan (25%). Direct-to-client sales, spanning both retail and online channels, now account for 76% of total revenue. Despite higher sales, operating profit fell 7% to €4.5 billion, partly due to one-off costs, while net profit dipped slightly…
Author: Staff Writer
The Public Investment Corporation (PIC) has welcomed Cabinet’s approval of Patrick Dlamini as its new CEO, effective 1 June 2025. Dlamini’s appointment follows an extensive seven-month global search by the PIC board. With nearly 30 years of leadership experience—including a decade as CEO of the Development Bank of Southern Africa (DBSA)—he is expected to drive the PIC’s investment strategy while upholding governance reforms. PIC chairperson Dr David Masondo praised Dlamini’s track record in turnaround strategies and sustainable growth. The outgoing CEO, Abel Sithole, leaves a strong legacy after steering the PIC through post-Mpati Commission reforms. Under his five-year tenure, the…
Struggling South African retailer West Pack has been acquired by a group of buyers, marking a turning point after more than a year in business rescue. The deal secures the future of the brand and its network of stores, offering hope for recovery after financial difficulties. Legal adviser Michael Hartman confirmed the sale, stating that it ensures stability and a renewed focus on growth and customer service. The company’s franchise division, which includes 66 independently owned stores, maintained strong customer loyalty despite its financial troubles. West Pack’s financial struggles stemmed from an aggressive expansion strategy that led to unsustainable debt…
The new Volvo XC70 mid-size SUV is Volvo Cars’ first extended-range plug-in hybrid. It provides a pure electric range of up to 200 kilometres*, making it Volvo Cars’ longest-range plug-in hybrid to date.Built on the new SMA** platform, a premium extended-range plug-in hybrid architecture, the XC70 represents an important product addition for Volvo Cars. The new XC70 is designed to meet the demand for longer-range plug-in hybrids in China, where it will be available for order later this year. Volvo Cars is exploring potential additional markets at a later stage. “The XC70 marks our strategic entry into the extended-range plug-in hybrid…
Ahead of Qlik Connect® 2025, the Qlik® AI Council is aligning around a clear message to the industry: AI that can’t be trusted won’t scale—and AI that can’t scale is just theatre. Their perspectives converge on a critical shift in enterprise AI: the need to move beyond experimentation and toward execution, powered by transparency, governance, and trusted data at the core. Despite record AI investment, most enterprises remain stuck in the lab. According to recent IDC research, while 80% plan to deploy agentic AI workflows, only 12% feel ready to support autonomous decision-making at scale. Trust in outputs is eroding amid growing concerns around hallucinations,…
A powerful new training program is opening doors for women in South Africa’s construction industry. The Project Management Institute (PMI) and the Construction Industry Development Board (cidb) have joined forces to offer this special opportunity, helping women gain world-class project management skills and build strong, sustainable businesses in a field long dominated by men. The program began with five highly accomplished women entrepreneurs. Their selection highlights the importance of choosing experienced professionals who are ready to lead change. Cidb’s CEO, Bongani Dladla explained, “We’re not just offering training for the sake of it. This is about creating a culture of…
Finance Minister Enoch Godongwana has firmly dismissed the idea of introducing a wealth tax to address South Africa’s budget shortfall, arguing that the country already has multiple mechanisms to tax high-net-worth individuals effectively. Responding to a parliamentary question from MK Party MP Sanele Mwali, Godongwana highlighted that existing taxes—such as estate duty, capital gains tax, and property levies—already contribute over R20 billion annually. He warned that a wealth tax could drive wealthy individuals and their investments out of the country, harming economic growth. The minister pointed to international examples where wealth taxes failed due to high administrative costs and capital…
Several leading car manufacturers, including Jeep, Citroën, Mercedes-Benz, Audi, Volkswagen (VW), and Volvo, have issued recalls for various models due to safety concerns. The National Consumer Commission (NCC) announced the recalls, urging affected owners to visit dealerships for urgent repairs. Jeep’s Wrangler and Chrysler 300c models (2014-2016) are being recalled over faulty Takata airbags, which may rupture and eject metal fragments during deployment, posing a fatal risk. Similarly, Citroën’s C4, DS4, and DS5 models (2009-2016) have defective airbag inflators that could also rupture dangerously. Mercedes-Benz has recalled certain CLA and S-Class models (2020-2023) due to faulty brake hoses that may…
Investec has applied for a licence to trade electricity in South Africa. The company aims to power its Johannesburg headquarters using solar energy from the Illikwa Solar PV Facility in the Free State. If approved by the National Energy Regulator (Nersa), Investec will purchase electricity from this solar plant and supply it to its offices via Eskom’s grid. This move aligns with the growing trend of businesses adopting renewable energy solutions, particularly as several large-scale projects are set to launch in 2026. The Illikwa Solar PV Facility, a 50MW project developed by Mainstream Renewable Power, is already under construction and…
More than R43 billion has already been withdrawn under South Africa’s new Two-Pot retirement system — and over R11 billion collected in tax revenue. If you are a business owner or head of Human Resources for a South African business, these figures should be cause for concern. These staggering figures were revealed as part of SARS’ preliminary review into the implementation of the Two-Pot retirement system, which came into effect in September 2024. While the system aims to provide employees with greater access to short-term savings, the sheer volume of early withdrawals surprised even tax authorities. While the consumer market…