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Deacons FY16 disaster
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actuarywahisa
#11 Posted: : Monday, April 24, 2017 9:43:23 AM
Rank: Member

Joined: 5/21/2014
Posts: 184
Even for those who can afford, there exists many alternatives in terms of value for money... A couple of their stores are really the embodiment of 'cheap is expensive'.
There are too many opportunities all around. Open your eyes and maybe you'll spot one
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muganda
#12 Posted : Monday, April 24, 2017 11:59:40 AM
Rank: Elder

Joined: 9/15/2006
Posts: 3,907
Surely, after stepping back 15yrs into the past, to the crisis that was there before Kibaki came into power, something needs to change:
1. Board?
2. CEO?
3. What else?
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Horton
#13 Posted : Monday, April 24, 2017 2:03:09 PM
Rank: Veteran

Joined: 8/30/2007
Posts: 1,558
Location: Nairobi
actuarywahisa wrote:
Even for those who can afford, there exists many alternatives in terms of value for money... A couple of their stores are really the embodiment of 'cheap is expensive'.


It was a noble effort to bring brands to Kenya. However the pricing is totally out of favor here. Mr. Price in Jozi is so affordable. Why would the same thing in NBO cost 3 or 4 times more?
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maka
#14 Posted : Monday, April 24, 2017 2:17:12 PM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
Horton wrote:
actuarywahisa wrote:
Even for those who can afford, there exists many alternatives in terms of value for money... A couple of their stores are really the embodiment of 'cheap is expensive'.


It was a noble effort to bring brands to Kenya. However the pricing is totally out of favor here. Mr. Price in Jozi is so affordable. Why would the same thing in NBO cost 3 or 4 times more?


That's the big question...
possunt quia posse videntur
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Horton
#15 Posted : Monday, April 24, 2017 2:25:24 PM
Rank: Veteran

Joined: 8/30/2007
Posts: 1,558
Location: Nairobi
maka wrote:
Horton wrote:
actuarywahisa wrote:
Even for those who can afford, there exists many alternatives in terms of value for money... A couple of their stores are really the embodiment of 'cheap is expensive'.


It was a noble effort to bring brands to Kenya. However the pricing is totally out of favor here. Mr. Price in Jozi is so affordable. Why would the same thing in NBO cost 3 or 4 times more?


That's the big question...


And still make losses 🙃
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cyruskulei
#16 Posted : Monday, April 24, 2017 2:52:31 PM
Rank: Member

Joined: 3/9/2010
Posts: 320
Location: kenya
Horton wrote:
maka wrote:
Horton wrote:
actuarywahisa wrote:
Even for those who can afford, there exists many alternatives in terms of value for money... A couple of their stores are really the embodiment of 'cheap is expensive'.


It was a noble effort to bring brands to Kenya. However the pricing is totally out of favor here. Mr. Price in Jozi is so affordable. Why would the same thing in NBO cost 3 or 4 times more?


That's the big question...


And still make losses 🙃



I have noted that most of the firms listed recently under SME are in the red zones.
Work hard at your job and you can make a living. Work hard on yourself and you can make a fortune.
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Chaka
#17 Posted : Friday, May 05, 2017 12:51:47 PM
Rank: Elder

Joined: 2/16/2007
Posts: 2,114
http://www.businessdaily...14830-6rpl3n/index.html

quote
When announcing its full-year results two weeks ago, the retailer said interest rate capping on lending effective last September led to a reduction in liquidity in the market, decreasing customer spend and store productivity.
unquote

So people take loans to buy clothes?
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  | | Edit by user: Friday, May 05, 2017 12:53 PM | Reason: Not specified
Shak
#18 Posted : Friday, May 05, 2017 4:37:30 PM
Rank: Elder

Joined: 2/22/2009
Posts: 2,449
Location: Africa
Chaka wrote:
http://www.businessdailyafrica.com/corporate/Deacons-branch-closures-signal-looming-job-losses/539550-3914830-6rpl3n/index.html

quote
When announcing its full-year results two weeks ago, the retailer said interest rate capping on lending effective last September led to a reduction in liquidity in the market, decreasing customer spend and store productivity.
unquote

So people take loans to buy clothes?



I'm surprised they did not mention the drought. People need to eat first before they buy clothes
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obiero
#19 Posted : Friday, May 05, 2017 8:50:35 PM
Rank: Elder

Joined: 6/23/2009
Posts: 14,220
Location: nairobi
Shak wrote:
Chaka wrote:
http://www.businessdailyafrica.com/corporate/Deacons-branch-closures-signal-looming-job-losses/539550-3914830-6rpl3n/index.html

quote
When announcing its full-year results two weeks ago, the retailer said interest rate capping on lending effective last September led to a reduction in liquidity in the market, decreasing customer spend and store productivity.
unquote

So people take loans to buy clothes?



I'm surprised they did not mention the drought. People need to eat first before they buy clothes

The rate cap is real. Even Safaricom is feeling it

KQ ABP 4.26
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Ericsson
#20 Posted : Friday, May 12, 2017 10:16:27 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,808
Location: NAIROBI
http://kenyanwallstreet....-senior-management-team

Nairobi Securities Exchange listed fashion retailer, Deacons (NSE; DCON) has sacked five of its twelve most senior management team a week after announcing plans to shut down undisclosed number of “unprofitable stores” by the end of next month.

Those leaving the embattled fashion retailer are; The Chief Finance Officer (CFO) Joseph Sitati; Retail Director Jedidah Thoto; Head of ICT Olive Waithaka; Head of 4U2 & Angelo Brands Martha Wareithi and the Head of Sports Division Robert Nderitu.

In an Interview with The Business Daily, Deacons Chief Executive said, “We have to let go some senior managers as part of the austerity measures that are in response to the tough trading conditions we find ourselves in. The affected staff, who have served us well over the years will depart the company on Friday (May, 12 ,2017) with a negotiated send-off package which I believe is competitive.”

Deacons is engaged in the retailing of franchise fashion products and currently runs about 46 stores across Kenya, Uganda, Rwanda, and Mauritius employing approximately 350 people.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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