Edgars appoints new CFO

CLOTHING maker and retailer, Edgars Stores Limited has appointed Chesternoel Mutevhe as its chief finance officer (CFO), effective January 1, 2024.

Mutevhe replaces Happiness Vundla, who resigned from the board in October last year.

Prior to his appointment, Mutevhe held the positions of group company secretary, group treasurer and group financial controller.

“The board would like to announce the appointment of Chesternoel Mutevhe as the group chief finance officer with effect from January 1, 2024,” Edgars said in a statement yesterday.

“He brings with him a wealth of experience in the FMCG (fast-moving consumer goods) sector having worked for CFI Holdings Limited as group finance director for seven years.”

Mutevhe previously headed the property development outfit for the CFI Group, with his most recent assignment being head of finance in Zimbabwe for Karo Platinum.

According to the group, Mutevhe is a qualified realtor and chartered accountant, having trained with Deloitte.

Mutevhes’s appointment comes shortly after the group appointed Sevious Mushosho as its chief executive officer, taking over from Tjeludo Ndlovu, who quit after three years at the helm.

In a recent interview with our sister paper The Zimbabwe Independent, Mushosho said his goal in the short term was to stabilise the groups’ supply chain.

“In the short term, we must stabilise our supply chain and improve our merchandise offering to our customers,” he said.

“The focus will be on improving the quality of our garment offerings, expanding our product ranges through acquisition of new suppliers. Mid-term, we intend to identify new retail sites and revamp existing stores to give our customers a modern store with great layouts and lighting.

“In the long term, we are planning to expand manufacturing operations in Bulawayo through acquisition of modern plant and machinery as well as partnerships with other local manufacturing companies to boost our capacity.”

The group’s majority shareholding is now controlled by a Mauritian investment management firm, SSCG Africa Holdings.

SSCG bought 100% of Bellfield, the investment vehicle through which Edcon held 41,07% of Edgars. The Competition and Tariff Commission approved the takeover in 2019 without conditions. SSCG Africa Holding also has interests in local micro-finance Untu Capital.

Following the consummation of the deal, the new owners have relocated the retail chain management offices from Bulawayo to Harare where they have more shops in order to manage them on a day-to-day basis.

Edgars is the largest clothing retailer, with 25 branches throughout the country. It also controls 25 Jet stores, the Club micro-finance unit as well as Carousel, the garment manufacturing factory based in Bulawayo.-newsday