Steinhoff scandal rocks retail - 11 Dec 2017

The corporate scandal involving global retailer Steinhoff International dominated headlines last week. The company's CEO Marcus Jooste resigned amid information that came to light relating to accounting irregularities that required further investigation. The news caused Steinhoff shares to plummet. In 48 hours, Steinhoff's losses were greater than the estimated losses to the country in the Gupta-orchestrated state capture scandal.

In today's top story, Disrupt Africa's Afri-Shopping: Exploring the African E-commerce Startup Ecosystem Report 2017 reveals that less than 30% of African e-commerce startups are profitable, as ventures tackle issues such as lack of funding, shortage of trust and logistical difficulties.

In other Africa news, Heineken has laid the foundation stone of its $100-million brewery in Mozambique, while Swiss food giant Nestle announced that it would close its factory in Kinshasa, Democratic Republic of Congo, by the end of January.

In must-read research news, an IRI report shows that South African shoppers buy more healthy and organic food than their European counterparts, a trend that IRI believes food retailers and manufacturers could use to their advantage. And Nielsen reports on the excellent growth potential in SA's R43bn Private Label retail category.

Ending on a lighter note, I interviewed the brains behind Greenleaf + Terroir, a newly-launched pre-mix of locally produced, small-batch gin and craft tonic, who hope to shake up the pre-mix drink category in SA.

Enjoy!

Lauren Hartzenberg
Retail Editor: Bizcommunity.com