Major international companies launching in South Africa in 2024
Several prominent international brands will start operating in South Africa this year, with four new prominent companies in the lifestyle space setting up shop.
Well-known British coffee chain Pret a Manger is coming to South Africa later this year.
Private Equity firm, the Millat Group, signed a deal with Pret for the exclusive licence to operate Pret stores in Southern Africa.
Millat said that the deal forms part of a long-term strategy to expand into the sector by offering customers easy access to organic and sustainable food offerings.
The first Pret is set to open in Johannesburg, with additional stores coming to other key cities, such as Cape Town, Durban, and Pretoria.
The Foschini Group (TFG) will also bring popular UK-based JD Sports to South Africa by late 2024.
The sports fashion retailer sells products from recognised brands, such as Nike, Adidas, and Puma, and its own private labels, including Pink Soda and Supply & Demand.
TFG plans to open 40 JD stores in South Africa over the next five years.
In the luxury hotel space, hotel chain Hyde is set to open in Johannesburg in September 2024.
The new hotel will be based in Rosebank and will feature 131 guest rooms and a spacious gym. The Proud Mary Restaurant will keep the ground floor busy daily to night, while Workshop17 is also based in the building.
Finally, Norse Atlantic Airways will start operating in South Africa, offering a route connecting London Gatwick Airport with Cape Town International Airport.
The low-cost Norweigan Airline will operate flights three times a week, with flights leaving Cape Town on Sunday, Tuesday and Thursday.
The group will try to break up the duopoly (Virgin Atlantic and British Airways) on the route.
Fares start at £499 (R11,600) return for Economy and £1,199 (R27800) return in Norse Premium class. Flights will commence on 28 October 2024.
The new brands join the recent launch of Amazon’s marketplace in South Africa in May of this year.
Although Amazon already operates in South Africa through Amazon Web Services, its online marketplace is a far more significant revenue driver for the overall group.
Customers can now order products on Amazon.co.za, access 3,000 pickup points and contact 24/7 customer support.
Many call it quits
Despite the new companies coming to South Africa, several international businesses have called it quits.
Shell is selling its share in Shell Downstream South Africa, which includes a network of 600 petrol stations.
The oil giant, however, is still planning to operate its upstream business in 2024
Shell is selling its shareholding in Shell Downstream South Africa, including a network of 600 petrol stations nationwide.
That said, the group is still planning to operate its upstream business.
The world’s sixth-biggest bank, BNP Paribas, which has €415 billion (R8.2 trillion) in assets under management, also had its license to conduct the business of a bank via a branch withdrawn from the Prudential Authority.
The French bank is scaling back from its non-core operations in Africa.
Earlier this year, BHP tried to purchase Anglo American but planned on spinning off the latter’s South African operations – Anglo American Platinum and Kumba Iron Ore.
Although BHP’s efforts failed and Anglo American plans to retain Kumba Iron Ore, the group also plans to spin off Anglo American Platinum.
Moreover, the luxury watchmaker Rolex is closing its official affiliate in South Africa after over seven decades in South Africa.
Rolex said that local markets have evolved and no longer warrant the presence of an official Rolex affiliate in South Africa.
However, the brand will remain active in the country through its Official Retailer network and provide after-sales services.
Read: The end of load shedding in South Africa is close – with a very big catch
Loading ...
