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Daily Maverick
5 hours ago
- Business
- Daily Maverick
SMME focus: Why storytelling is the secret weapon of SA's small businesses
South Africa's small businesses face a market obsessed with speed and scale, yet some are thriving by leaning into craft, storytelling, and human connection. In a studio in Woodstock, Cape Town, a group of women crochet hats from hemp and cotton, their movements slow and deliberate. Months later, those same hats sit in a Dior lookbook, worn by models striding Paris runways. This is the improbable story of Earth Age, a business that began with three friends during lockdown and ended up collaborating with one of the most recognisable names in fashion. Their story is also a blueprint for small business in South Africa trying to make sense of a market that rewards sameness and speed over meaning and craft. The fight for value The 'never say die' spirit of a small business is often romanticised. The reality is that the market is tough and only getting tougher. Consultancy company Kantar's annual Mzansi Consumer Barometer tracks national consumer behaviour. Its latest findings show that South Africans are concerned about unemployment, corruption, crime, spiralling living costs, and load shedding. The survey also found that household income was unpredictable in our country, as the sources of income varied from month to month, making it difficult for businesses to plan sales, said Stacey Saggers, commercial growth director at Kantar. When the money does come in, it doesn't stretch far. South Africans are consuming less essential items, Saggers added. Consumers are cutting back on things like luxury food items, alcohol, entertainment, going out and clothing. Lurking in the background are juggernauts like Shein and Temu, peddling fast fashion at prices local makers can't dream of matching. According to Saggers, 75% of South Africans surveyed have shopped on these platforms, and 48% admitted to doing so more in the last year than the one before. Against this backdrop selling a R1,500 handmade jacket feels almost reckless, until you understand the industry shift that's modifying perceptions of value. Story as currency 'People want to purchase something more than just a piece of product. I think it adds value to it when they understand that it comes with so much meaning.' These are the words of Harmonie Mbunga, founder of apparel and accessory brand Udo & Harmony. She observed that customers were initially drawn to the beauty and craftsmanship of her products, and upon learning the story behind them, discovered 'so much more meaning'. This wasn't always the case. Erica Elk, CEO of the Craft and Design Institute (CDI), recalled that 24 years ago, when the CDI was established, there was an expectation that craft products should be cheap because they were made by hand. 'What we tried to do as an organisation with the businesses that we supported was actually to shift that narrative,' she said. 'To say that because they're made by hand, and because they're an expression of an individual person and their creativity, you should be paying more.' The market would respond, she argued. 'Somebody is going to come in and they're not going to want to pay the price, but there will be customers that will come and they will appreciate the quality and the position and the value.' Elk said this was because craft and design weren't products, but rather the 'process of making'. 'When you understand that it's a process of making, then you're opening up market opportunities.' Lessons from the frontlines Brands like Hannah Lavery know this firsthand. In the early days, Lavery's clothes hung on racks in the V&A's Watershed, a Cape Town craft and design marketplace. Their first year was challenging, Lavery said, as the Watershed was a new space and their product 'wasn't that cheap'. Her persistence, however, paid off. 'We gradually got traction and we figured out our product and our messaging,' she said. Before Covid-19, Lavery's online store was an afterthought. 'We knew it was important to have one,' Lavery said, 'but we never actually had any sales come through.' Sometimes it was only one order every three months. Lockdown forced a pivot to online, and with it, a new approach. Lavery stepped in front of the camera. 'I got in front of the camera and, through our social media channels, told the story of what we are and what we do and who my team is.' That human connection led to the growth of her brand and its sales. Luck, strategy and a Dior email Earth Age's founders, Elektra Georgiadis, Ashley Wagner and Amy Kunz, began with restless ambition, dabbling in everything from apparel to homeware before finding their lane. 'We realised, hold on a second, this is impossible! We need to hone in on one product and figure that out,' Georgiadis explained. They chose sustainability as their anchor, reaching for hemp and cotton and making hats their hero product. The hats are crafted by a team of Zimbabwean women using techniques passed down through generations. Then came an email that looked a lot like spam: Dior wanted to collaborate. 'We got this message from someone saying they're from Dior… We all thought we were being scammed,' Georgiadis recalled. The collaboration has propelled Earth Age to explore international markets, now selling their products in London. Winning in a digital world Today, countless small brands are lost in an algorithm-fed blur of sameness. This is because online engagement is exploding. 'Instant messaging and email as well as online video and social networks are absolutely ridiculously getting bigger and bigger every single year,' Saggers said. Podcasts are booming too. In South Africa, one in four people listened to a podcast daily, Saggers said, and 55% listened to a podcast weekly. For small businesses, this could translate into opportunity. 'If you can find a podcast that mirrors what you do with your brand, you have a very big opportunity to amplify awareness of your brand and position yourself as an expert,' she said. The opportunity here was agility. Big brands couldn't do what smaller businesses could, Sagger said. 'They will nod and nod… but none of them change their behaviour. They can't do it because there are too many sign-offs that need to happen, and there's too much risk to their brands to do anything adventurous or entertaining.' Where the opportunities lie Nearly half of South Africans believe the country will be in better shape in five years, Kantar's survey found. Two-thirds expect their personal finances to improve within the next 12 months. That optimism creates a window for the brands that can articulate why they matter. 'There's a juggling act,' Saggers noted as consumers balanced essentials with small indulgences. They would down-trade in some categories to spend on what they truly loved. According to her, the solution was to provide a 'meaningful difference'. In a hyperinflationary environment, consumers would pay up to 14% more for brands they believed in, Saggers added. In South Africa, local mattered. Unlike some African markets, Saggers said, 'Made in South Africa' signalled artisanal, sustainable and something to be proud of. Paired with meaning and digital fluency, it was a potent differentiator. DM
Business Insider
15-07-2025
- Business
- Business Insider
Churchill Downs to acquire majority of Salem casino project joint venture
Churchill Downs (CHDN) announced that it has signed definitive agreements to acquire a majority of the outstanding equity interests of a Salem, New Hampshire joint venture with the right to develop a charitable gaming, entertainment and dining destination featuring historical horse racing machines. Casino Salem is located at The Mall at Rockingham Park, which is approximately 30 minutes from downtown Boston. Prominent local developers Joe Faro and Sal Lupoli will maintain ownership in Casino Salem. The initial phase of Casino Salem opened on July 9 with approximately 100 HRMs and 13 live table games. Over the coming months, CDI will finalize plans and commence construction of the future phases of the project including a rebranding of the venue, an expansion of the gaming floor, and several food and beverage concepts. Separately from Casino Salem, CDI will continue to operate its Chasers Poker Room in Salem. The company will finance the Salem Transaction using its existing credit facility. Closing of the Transaction is subject to usual and customary closing conditions, including receipt of approval by the New Hampshire Lottery Commission. The transaction is anticipated to close during the third quarter. Elevate Your Investing Strategy:
Business Insider
15-07-2025
- Business
- Business Insider
Churchill Downs to acquire majority of Casino Salem project in NH
Churchill Downs (CHDN) announced that it has signed definitive agreements to acquire a majority of the outstanding equity interests of a Salem, New Hampshire joint venture with the right to develop a charitable gaming, entertainment and dining destination featuring historical horse racing machines. The initial phase of Casino Salem opened on July 9th with approximately 100 HRMs and 13 live table games. Over the coming months, CDI will finalize plans and commence construction of the future phases of the project including a rebranding of the venue, an expansion of the gaming floor, and several food and beverage concepts. Separately from Casino Salem, CDI will continue to operate its Chasers Poker Room in Salem. The company will finance the Salem Transaction using its existing credit facility. Closing of the Transaction is subject to usual and customary closing conditions, including receipt of approval by the New Hampshire Lottery Commission. The Transaction is anticipated to close during the third quarter of 2025. Elevate Your Investing Strategy:
Globe and Mail
09-07-2025
- Business
- Globe and Mail
Malaysia and France Strengthen Defence Industry Ties with Landmark MoU Signing
PARIS, FRANCE, July 9, 2025 - (ACN Newswire) - The Coalition of Defence Industry, Malaysia – CDI (M) has signed a landmark Memorandum of Understanding (MoU) with three prominent French defence industry associations, The French Association of Maritime Industries (GICAN), The French Land and Air-Land Defence and Security Industries Group (GICAT) and The French Aeronautics and Space Industries Group (GIFAS), which marks a new chapter in the strategic bilateral defence cooperation between both countries. 3Gs: From the left: Mr. Frederic Parisot, CEO of GIFAS, Mr. Nicolas Chamussy, Chairman of GICAT , Mr. Philippe Berterottière, Chairman and CEO of Gaztransport & Technigaz, Vice President of GICAN, Dato' Nonee Ashirin Binti Dato' MOhd Radzi, President of CDI (M) and Executive Chairman, GTA. Witness: From the left Captain Zainol bin Ahmad RMN, Lieutenant General Gael Diaz de Tuesta, YAB Dato' Seri Mohamed Khaled bin Nordin, Dato' Muhammad Ammir bin Haron, En Mohd Nizam bin Mohd Khir. The signing of this landmark MOU between the four parties in Paris today took place in the presence of the Malaysia's Minister of Defence, Yang Berhormat Dato' Seri Mohamed Khaled bin Nordin who accompanied the Prime Minister of Malaysia, Yang Amat Berhormat Dato' Seri Anwar Bin Ibrahim on an official visit to France. A Unified Vision for Innovation and Security The MoU outlines a shared vision between Malaysia and France to bolster industrial cooperation across strategic and critical domains, including aerospace, maritime, land, systems, and technologies. It also reflects a commitment to drive innovation and expand joint research and development efforts. This collaboration aims to facilitate: Regular information exchanges, dialogues and joint seminars; Formation of a bilateral club for participating companies from both countries; Capacity building and joint technology projects; Enhanced cooperation between training institutions and industry players; Exploration of regional and international markets; and High-level engagements with respective government and delegations. Mutual Commitments to Growth Yang Berbahagia Dato' Nonee Ashirin binti Dato' Mohd Radzi, President of CDI (M) and Executive Chairman, Global Turbine Asia stated: 'This agreement is a strategic milestone for Malaysia's defence sector. It reflects our ambition to grow global partnerships. By working closely with our French counterparts, we are not only enhancing our industrial capabilities, but also opening new pathways for innovation, upskilling, and global market access.' Representing the French delegation, Mr Philippe Berterottiere, Chairman and CEO of Gaztransport & Technigaz / President of GICAN, commented: 'Malaysia is an increasingly important player in the global defence landscape. Through this MoU, we aim to build durable industrial relationships that go beyond technology, partnerships rooted in trust, innovation, and shared prosperity.' Nicolas Chamussy, Chairman of GICAT, added: 'This collaboration provides a unique platform to align our expertise with Malaysia's strategic goals. We are particularly excited to pursue and intensify joint opportunities in land and air-land defence systems.' Mr. Fréderic Parisot, CEO of GIFAS, said: 'Aerospace collaboration is critical in today's security environment. We believe this MoU lays the foundation for impactful cooperation in research, training, and future-ready capabilities between France and Malaysia.' Lieutenant-General Gaël Diaz de Tuesta, French National Armaments Director, observed: 'Various models of industrial partnership can be considered, leveraging the best skills of each party: projects with a French prime contractor and Malaysian suppliers, or alternatively, projects with a Malaysian prime contractor and French OEMs (Original Equipment Manufacturers), as is currently implemented in the LCS program.' Long-Term Strategic Impact This strategic engagement underscores Malaysia's long-term commitment to cultivating a self-reliant, innovative, and globally competitive defence industry, in alignment with national development priorities and regional security objectives. France has also long been a strong partner for the Malaysian defence sector. This industrial collaboration between the associations marks the start of the journey together for the industries as Malaysia and France continue to deepen bilateral ties. By fostering collaboration through knowledge-sharing and technology transfer, this partnership aims to demonstrate Malaysia's growing industrial capabilities and position local companies as credible and capable partners on the international stage. Furthermore, the anticipated investment and cooperation under this MoU are expected to contribute meaningfully to Malaysia's economic growth, technological advancement, and the overall strengthening of its defence ecosystem. ABOUT COALITON OF DEFENCE, MALAYSIA – CDIM (M) The Coalition of Defence Industry, Malaysia – CDI (M) is a unified body that represents the collective interests of Malaysia's defence sector. CDI (M) is committed to fostering a collaborative environment where industry players can work together to drive growth, innovation, and unity in Malaysia's defence sector. With a mission to advocate for policies and regulations that benefit the defence industry, CDI (M) also provides a vital platform for networking and collaboration among its members. The coalition is dedicated to supporting the growth and professional development of its members by offering training, conducting industry research, and promoting ethical standards and best practices. Through these efforts, CDI (M) aims to build a thriving and self-reliant defence industry in Malaysia, capable of meeting the nation's defence needs and positioning itself as a leader in the regional and global defence landscape. Please visit: CDI (M) ISSUED BY MNAIR PR CONSULTANCY SDN BHD ON BEHALF OF GLOBAL TURBINE ASIA SDN BHD AS COALITION OF DEFENCE, MALAYSIA MEMBERS Contacts for Media Enquiries: MNAIR PR Consultancy Sdn Bhd Sashikala Nair Director, Public Relations +6012 566 9095 sashi@ Ameera Hani Associate Director, Public Relations +6014 224 3296 ameera@ Coalition of Defence, Malaysia – CDI (M) Puan Ilme Onn Honorary Secretary +6012 244 4996 ilme@ Global Turbine Asia Sdn Bhd Muhassanah Murad Corporate Communication | CEO Department +60 18 261 3093 ]]> Source: The Coalition of Defence Industry, Malaysia - CDI (M) Copyright 2025 ACN Newswire . All rights reserved.
IOL News
02-07-2025
- Business
- IOL News
Despite 5% rise in credit demand, mortgage advances and fixed asset purchases lag behind
The younger generation values property ownership and sees it as a path to building generational wealth. Since interest rate cuts began in September last year, overall credit growth has gathered momentum, with most subcategories recording increases during May, according to Aluma Capital. Credit demand grew by 5.0% in May, slightly exceeding April's 4.6% and surpassing market expectations of 3.0% according to the Private Sector Credit Extension(PSCE). However, mortgage advances and credit for fixed asset purchases remain subdued, says Frederick Mitchell, chief economist at Aluma. He said that despite a total interest rate reduction of 175 basis points since September last year and an additional 25-basis-point cut on May 29 this year, property demand has been sluggish. 'Elevated consumer debt levels, stagnant wages, and rising living costs have limited a strong recovery. Nonetheless, the full benefits of lower rates are expected to materialise later in 2025 as household disposable incomes improve, supported by positive market sentiment,' Mitchell said. The asset and fund management company said in May, instalment credit sales rose nearly 1% month-on-month, following a 0.3% increase in April, with an annual growth rate of 6.2%. It said over the past two years, consumers have increasingly relied on short-term credit to manage rising living expenses, reflected in a 7.0% increase in other loans and advances, up from 6.6% in April. It added that growth in property and fixed asset purchases remained modest, with mortgage advances growing just 3.5% in May, consistent with April. This subdued activity originates from late 2023, when rising interest rates constrained property demand. However, with recent rate cuts, especially the 25-basis point reduction in May, and further easing anticipated, demand for property and fixed assets is expected to increase as household incomes stabilise and grow. 'With inflation remaining favourable, ongoing rate reductions should further boost disposable incomes, fostering increased demand for goods and fixed assets into the second quarter of 2025 onwards.' Meanwhile, young South Africans who are said to be actively contributing to key sectors of the economy, remained underrepresented in the credit market, according to Experian's latest Consumer Default Index (CDI) for the first quarter of this year. While the CDI for the total market has improved by 14% year-on-year, the report highlights persistent barriers that prevent youth from building financial independence through responsible credit access. The CDI Youth measure, an indication of first-time technical arrears amongst consumers in youth segments, typically under 30-improved significantly over the past year, decreasing from 7.55 in March last year to 5.76 in March 2025 this year. This positive shift in CDI is primarily said to be influenced by a more cautious lending environment, which has led to restricted credit supply.
