| Thu 2 Dec 2010, 12:25 | | TAS - Taste Holdings Limited - NWJ Launches into The Galaxy |
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TAS
TAS
TAS - Taste Holdings Limited - NWJ Launches into The Galaxy
PRESS RELEASE
TASTE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2000/002239/06)
JSE code: TAS
ISIN: ZAE000081162)
("Taste Holdings")
NWJ LAUNCHES INTO THE GALAXY
The jewellery division of investment company Taste Holdings has recently
concluded a deal with one of its major competitors, which will see four stores
situated in prime sites being transformed into NWJ`s. On 01 December 2010, the
Galaxy & Co. stores situated at Fourways Mall, Waterfall Shopping Centre in
Rustenburg, Clearwater Mall and Garden Route Mall in George became fully
operational NWJ outlets.
"NWJ has finalised a sale agreement with Galaxy and has subsequently signed
franchise contracts with existing NWJ franchisees, who have taken over the
current leases at the specified sites and stocked the stores with NWJ
merchandise. Due to the fact that the four new stores are franchised, there will
be no capital outlay from NWJ," explains Taste Holdings CEO, Carlo Gonzaga.
In their interim report, released in October, Taste committed to opening three
new NWJ stores before the end of the year. Following this transaction they will
have opened 7 new NWJ stores thus exceeding their target for the second half of
the year.
In terms of system wide sales, NWJ is currently the 3rd largest competitor in
the jewellery market. "Ultimately the opening of these new stores will bring the
group closer to becoming the 3rd largest entity in the market with regards to
the number of operating stores - an achievement we are aiming to accomplish in
the near future," says Gonzaga.
NWJ is a vertically integrated national retail outlet that specialises in a wide
range of quality, affordable jewellery and watches. The Taste Holdings
jewellery division, which purchased NWJ in 2008, sources, distributes and
manufactures 100% of the range that the stores stock, of which about half is
manufactured by its in-house facility.
"We are extremely satisfied with the continued growth of NWJ and, together with
our existing stores, look forward to a robust festive trading period," ends
Gonzaga.
Johannesburg
2 December 2010
Designated Adviser
Vunani Corporate Finance
Date: 02/12/2010 12:25:01 Produced by the JSE SENS Department.
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