Speaker 1: And now The Money Show with Stephen credits on seven
Speaker 1: oh two. Let's walk little. The Money Show with Stephen
Speaker 1: Curtis has brought to you by Absolue CIB, proud sponsor
Speaker 1: of the Sarah Rail Conference twenty twenty five Powering Progress,
Speaker 1: Connecting Economies. Good evening, I'm Stephen Curtis. Nine minutes after six.
Speaker 1: Welcome to the Friday edition of The Money Show. I
Speaker 1: don't know if perhaps one of our producers is thinking
Speaker 1: that you maybe are a little cleverer than you've been
Speaker 1: for a while. Maybe it's been a sort of clever
Speaker 1: week or something. Maybe he's celebrating gold. But he's done
Speaker 1: twice the number of questions for the Friday bus Blitz,
Speaker 1: So clearly we're going to need, together all of us,
Speaker 1: a lot of brains to get through it. From around
Speaker 1: let's call it sort of ten to seven looking forward
Speaker 1: to that. You know the numbers on a double one
Speaker 1: double A three oh seven two two one four four
Speaker 1: six five six seven. Speak to Neil Froneman in just
Speaker 1: a minute. He is still sort of the CEO. It's
Speaker 1: abunia stillwater, but he's also looking at the issue around
Speaker 1: the formula one and he seems to be suggesting that
Speaker 1: actually it should go to Cape Town. It's kind of
Speaker 1: at odds with Cabinet because they said today it should
Speaker 1: be Enjobic. But we'll hear from him in just a
Speaker 1: moment as Georgia Amani passing away late yesterday, the fashion designer,
Speaker 1: and you kind of know you've made it when you're
Speaker 1: just a surname, you know, when you're just one word.
Speaker 1: The sort of typical example was probably you know Madonna,
Speaker 1: but they're plenty of South African examples, you know zumer Roma,
Speaker 1: Pausa and Becky, just a couple, Matzepe who was in
Speaker 1: the news today. But when you're Amani, you're kind of
Speaker 1: a somebody. We'll hear from David Clay around how he
Speaker 1: feels about his legacy, and I think we can safely
Speaker 1: say that Georgia Omani really did play a big role
Speaker 1: in fashion what we can see what we think of
Speaker 1: as sort of beautiful. We'll speak also about the Swift system,
Speaker 1: still concerns about whether or not the Americans could kick
Speaker 1: us out, and then Norman Goodfellows being signed to Fine
Speaker 1: Wine Fellow the organization, and we'll just sort of talk
Speaker 1: a little bit about the business of Fine wines and
Speaker 1: where things are going. But Tersem Saepe today was asked
Speaker 1: sort of almost guaranteed, are you going to run for
Speaker 1: the position of president? Are you available? Would you accept
Speaker 1: a nomination? And from what I understand, he said no. Look,
Speaker 1: it's easy to say this now, but it always seemed
Speaker 1: to me incredibly unlikely that he would say yes. I mean,
Speaker 1: would you, as a sort of very very wealthy done
Speaker 1: incredibly well for yourself, a generationally wealthy person with a
Speaker 1: presumed still fights to have and things to do with
Speaker 1: your money, would you give all of it up to
Speaker 1: enter politics? Maybe? He asked the guy before him, you
Speaker 1: know his brother in law? Your views O double one
Speaker 1: double A three oh seven oh two and two one
Speaker 1: four four six O five six seven Voice notes tonight
Speaker 1: as well and oh seven two seven oh two one
Speaker 1: seven oh The Show.
Speaker 2: With Stephen Cruthers Live on ninety two point seven and
Speaker 2: one O six FM, streaming on the Prime Media Plus.
Speaker 3: NAP and DStv channel eight five six well.
Speaker 1: Earlier today, government confirming it was backing the bid for
Speaker 1: South Africa to host a Grand Prix at Kyle Army
Speaker 1: in two years time. The bid endorsed by the Sportsmanister
Speaker 1: Gayton McKenzie. You remember the plans to upgrade Kyle Army
Speaker 1: already approved by the F one Federation. But now the
Speaker 1: outgoing CEO at Sabunya, Neil Froneman, saying he wants to
Speaker 1: lead an effort to have the Grand Prix in Cape
Speaker 1: Town instead at Neil, good evening, I ready to appreciate
Speaker 1: the time, thank you. So there already plans to go
Speaker 1: to Kyle Army. Why do you think Cape Town would
Speaker 1: be better?
Speaker 3: Yes, good evening, Stephen and listeners. You know, Kylomi is
Speaker 3: a wonderful track, and I suppose the first thing I
Speaker 3: should say is it's very pleasing that that Cabinet and
Speaker 3: government support the concept of Formula one coming to South
Speaker 3: Africa and and in my view it's something that's got
Speaker 3: to be done in the national interest, So that to
Speaker 3: me is very positive. Our view is that Carlomi being
Speaker 3: a great track, being a historical track, is just in
Speaker 3: the wrong place. A lot of a lot of Formula
Speaker 3: one fans are going to come from outside of South Africa,
Speaker 3: and and I just think that Janisburg is not a
Speaker 3: favored destination. K Town has, you know, a high attraction
Speaker 3: for foreigners and tourists.
Speaker 1: Both.
Speaker 3: Both events, whether they hold in Janisburg or or k Town,
Speaker 3: will create socio economic growth. I mean that goes without saying.
Speaker 3: But the other thing is that Formula one is no
Speaker 3: longer just a race. It's a catalyst for entertainment and
Speaker 3: a spectacle and modern tracks today, as you would see
Speaker 3: if you look at the Formula one races in the
Speaker 3: Middle East are entertainment spectacles and they are theme parks.
Speaker 3: You know, you you have you know, condos built into
Speaker 3: racetracks at places like Sylveston, the amphitheaters where entertainers such
Speaker 3: as Taylor Swift and Beyonce all linked into the Liberty
Speaker 3: Media Group come and perform. So it's not just a
Speaker 3: once a year race or even twice a year. If
Speaker 3: you include Motor GP and Cape Town and a new racetrack,
Speaker 3: a new complex just seems to be the better option.
Speaker 1: Now.
Speaker 3: I know everyone will be saying, but you already have
Speaker 3: a racetrack that must be worth a lot. Actually, in
Speaker 3: the big scheme of things, it's not a big difference
Speaker 3: in price. We also have a FIA improved Formula one track.
Speaker 3: Of course, it's all got to be built and to
Speaker 3: study's many there's many variables to this, but I just
Speaker 3: we think Cape Town is the right place and we
Speaker 3: will continue developing our project for that. And you know,
Speaker 3: having a Formula one race at karlomy for the next
Speaker 3: three years is absolutely fine. We wish those organizers the best.
Speaker 3: But if you want a sustainable, long term solution, and
Speaker 3: I'm talking for ten, twenty, maybe even thirty years, it's
Speaker 3: got to be Cape Town in our view.
Speaker 1: You say we are you working with a particular group
Speaker 1: of people. Are you able to tell us who they are? Yes?
Speaker 3: Yes, So initially were at a very I think it
Speaker 3: must be well known, Stephen, we at a very early stage.
Speaker 3: The group that I'm working with actually asked me to
Speaker 3: lead their initiative a few weeks back as they became
Speaker 3: aware of my retirement from Sabonia. One of the partners
Speaker 3: is Bobby Hartsleaf, who is the last person last South
Speaker 3: African to actually run a Formula one Grand Prix in
Speaker 3: South Africa, and he ran the last five at Karlomie.
Speaker 3: He previously owned Karlomie as well. Bobby also built Pakisa
Speaker 3: and brought the last six Motor GP events to South Africa.
Speaker 3: So we have a person who knows how to organize
Speaker 3: and start a Formula one race and or a motor
Speaker 3: GP race at two o'clock on a Sunday afternoon. We
Speaker 3: have that experience in our consultium. Of course, we're happy
Speaker 3: to share skills if karl on Ony becomes the you know,
Speaker 3: the venue that actually is successful, even if it's for
Speaker 3: three years. Our other partner is a real estate developer
Speaker 3: in Dallas that actually developed these plans. Unfortunately they weren't
Speaker 3: accepted by the residents in Dallas. And that's what I mean.
Speaker 3: We have already an a approved plan. So those are
Speaker 3: my my key partners. We are busy building out the
Speaker 3: skills space that will take a few months. We need,
Speaker 3: you know, more financial skills, We need more commercial skills
Speaker 3: to come into our group, perhaps even real estate development,
Speaker 3: you know, local South African real estate development. So we
Speaker 3: very we're very mindful of what's required and it's small steps.
Speaker 3: We've got significant interest from corporate South Africa. We're a
Speaker 3: group that is known to do what we say, so
Speaker 3: I think we have credibility and basic knowledge already.
Speaker 1: There will be when whenever you talk about taking a
Speaker 1: Formula one to a new sort of city, immediately there
Speaker 1: will be someone who will say, well, let's do what
Speaker 1: it's like in Monaco and have street racing. I realize
Speaker 1: Monico is usually the most boring grand prix of the year.
Speaker 1: I imagine in Cape Town that's a bit of a
Speaker 1: non starter, is it.
Speaker 3: Yeah, Look, there are there have been Formula E racing
Speaker 3: on the streets at Cape Town. It's not inconceivable to
Speaker 3: think of a Formula one race in Cape Town. But
Speaker 3: it doesn't you don't get to that bigger complex of
Speaker 3: entertainment where you have amphitheaters. I mean, the convention Center
Speaker 3: in Cape Town is fully booked.
Speaker 1: You know.
Speaker 3: We can build medical facilities, we can build training facilities
Speaker 3: in in in the northern side of Cape Town as
Speaker 3: part of the urban growth. So yeah, look, I think
Speaker 3: those are second prize solutions. I think the first prize
Speaker 3: is it requires a big investment, and I've likened it
Speaker 3: to you know, there's a lot of capital upfronts, like
Speaker 3: building a gold mine, and then over the next ten
Speaker 3: to twenty maybe even thirty years, if we do it properly,
Speaker 3: you extract the gold and you get the returns. But no,
Speaker 3: we're not We're not driving a street.
Speaker 1: Race Okay, thank you very much. Indeed, I really appreciate it.
Speaker 1: Neil Frondaman is the outgoing CEA at Sabanya Stillwater nineteen
Speaker 1: minutes after six Stephen gone acts at at Stephen confirmation
Speaker 1: at yesterday of the death of the fashion designer Georgio Armani,
Speaker 1: someone who's read revolutionized fashion in a way very few have.
Speaker 1: David pala is the owner and fashion designer David Pale
Speaker 1: designs David Good Evening. Just the name Amani probably tells
Speaker 1: us you all you need to know about the influence
Speaker 1: of Jojo Amani.
Speaker 4: Good Evening, Stephen, thank you for having me on this program.
Speaker 4: I mean, Jojo Money has been like an an icon
Speaker 4: from early days when you know, when we're still in
Speaker 4: fashion school, even prior to that, someone who's like an
Speaker 4: amazing pioneer of fashion and someone who has just like
Speaker 4: stood his ground. And the most amazing thing that he
Speaker 4: worked until his very last day is the only time
Speaker 4: that he couldn't continue was like the previous couture collections
Speaker 4: that he couldn't take his last bow because of illness
Speaker 4: and also you know, age frailness. But the impact that
Speaker 4: he's you know, he's had in the industry and also
Speaker 4: in my personal journey is learning to stand your ground
Speaker 4: and develop a brand that can be globally made available
Speaker 4: and consumed. And not only in terms of just like
Speaker 4: a fashion brand or clothing brand. It was a lifestyle brand.
Speaker 4: I mean from Amani Cafe, Amani Hotels to a diffusion
Speaker 4: line which is a money exchange and Kasamani. So I
Speaker 4: mean from him you can just learn as a brand
Speaker 4: what you're capable of achieving and doing while you're still
Speaker 4: here on earth. And I think more than anything else
Speaker 4: is you know him mentoring and appreciating new talent, like
Speaker 4: an amazing designers currently based in Milan, Cela Jean, who
Speaker 4: was mentored by Amani and now she is a global force.
Speaker 4: You know who actually designed the uniform for the Olympics,
Speaker 4: for their the country, the what is it in Heyiti,
Speaker 4: the Haitian Group. So I mean you can actually lend
Speaker 4: quite a lot. And for us as an industry, I
Speaker 4: don't think it's a loss. We celebrate his life because
Speaker 4: the impact that he's head is actually we can experience it,
Speaker 4: we see it, we can lend and grow from from that.
Speaker 1: Jenny, is it right to say, I mean fashion can
Speaker 1: seem to me, and I'm a complete outsider, as you know,
Speaker 1: David can seem to me to be about trends. Is
Speaker 1: it right to say he was not someone who followed
Speaker 1: the trend I mean he maybe satrians, he did his
Speaker 1: own thing.
Speaker 4: No, he did not follow trends. That's one thing I
Speaker 4: like about our money. I mean color blocking would be
Speaker 4: in and out. Our money will always stend his ground.
Speaker 4: He will always follow his signature because over the years
Speaker 4: he's built a following and from from the couture which
Speaker 4: is Empire, the Emperial collections, the money exchange, and also
Speaker 4: that they're ready to wear. He's never followed trends. The
Speaker 4: only thing that he actually, I think, clad around is
Speaker 4: the evolution of textiles and and how you know he
Speaker 4: fused the latest technology into into his collections, but his
Speaker 4: couture from a mile away you can tell that wasn't
Speaker 4: the money and which is really really amazing. And also
Speaker 4: as designers, even upcoming designers, we can all learn from
Speaker 4: him that trends are there, you know, to give us
Speaker 4: insight of what's coming. But when you know what you
Speaker 4: stand for, you don't need to follow such.
Speaker 1: Thank you very much, indeed, Dave, David Plaletz, the owner
Speaker 1: and fashion designer David Plalet designs being tribute there to
Speaker 1: Jorjiah Harmani.
Speaker 3: The money shall explainer.
Speaker 1: Well, one of the difficulties government is having around dealing
Speaker 1: with the Trump administration is it's difficult to know what
Speaker 1: will happen. And there's still persistent speculation that there may
Speaker 1: be a move to a move South Africa from the
Speaker 1: Swift banking system. Harry Shus there is the CEO of
Speaker 1: Future Forics, Harry Good Evening. If that does happen, what
Speaker 1: other options are they for us to try and move
Speaker 1: money around? Good Evening, Stephen great to be on.
Speaker 2: Well, let's take one step back and say, although there
Speaker 2: was a lot of speculation that this may happen, it's
Speaker 2: been largely ruled out. What's actually happening is that the
Speaker 2: US are looking at sanctioning certain politicians from the ANC
Speaker 2: who haven't been making friends with the US, rather than.
Speaker 1: The country as a whole.
Speaker 2: So it doesn't look like there's going to be any
Speaker 2: impact on South Africa as a whole or South African
Speaker 2: businesses unless those businesses were tied to those individuals. But
Speaker 2: in terms of what do we do, what do we
Speaker 2: do from there, Well, it would be a really tricky situation.
Speaker 2: We've seen what's happened in Russia, Iran and others that
Speaker 2: have been sanctioned from the SWIFT system, and yeah, it's
Speaker 2: something that really wouldn't be good for our GDP, it
Speaker 2: wouldn't be good for our economic growth, and y'are luckily
Speaker 2: it's seeming unlikely to actually happen.
Speaker 1: I mean, there are two things that sort of come
Speaker 1: to mind immediately. The one is that the whole point
Speaker 1: of SWIFT is to kind of have a global system.
Speaker 1: So okay, if everyone who the US doesn't like gets
Speaker 1: kicked out, well what is it? And then it would
Speaker 1: also push us and there is actually a Russian equivalent.
Speaker 1: We would probably I mean, even people who may not
Speaker 1: like Russia and South Africa, and there's plenty of them,
Speaker 1: might just think, well, there's no other option, or the
Speaker 1: Chinese system. I mean, it would I suppose be counterproductive.
Speaker 4: Yeah, absolutely.
Speaker 2: I Mean the first thing I'll say is it's absolutely
Speaker 2: amazing how much power the US have here, the fact
Speaker 2: that they can decide we want to kick South Africa
Speaker 2: off the SWIFT system. And while they can't kick South
Speaker 2: Africa off the Swift system entirely. They can avoid or
Speaker 2: stop South Africa from making USD payments on the Swift system,
Speaker 2: which is pretty much the global currency, so it would
Speaker 2: be very debility to US. And I guess this is
Speaker 2: one of the concerns in the world at the moment
Speaker 2: is how much reliance there is on America, and that's
Speaker 2: why the bricks nations and others are looking at other
Speaker 2: currencies to almost stop America from being this global superpower
Speaker 2: which we all rely on. So there's this real balance
Speaker 2: in power which is like a power struggle between Trump
Speaker 2: who's trying to say everyone must use the dollar, everyone
Speaker 2: must use the US and the East or the non West,
Speaker 2: who are basically saying, no, we don't want to rely
Speaker 2: on you, we don't agree with your policies. Instead of that,
Speaker 2: we'd like to make our own. But then Trump uses
Speaker 2: the fullying tactic to say, well, if you try to
Speaker 2: use another currency, we're going to impose even bigger tariffs
Speaker 2: than you.
Speaker 1: So it's a real interesting.
Speaker 2: Time in the world at the moment, with some serious
Speaker 2: power struggles.
Speaker 1: Living in interesting times. Indeed, Harry shares it, thanks very much, indeed,
Speaker 1: CEO at Future Forex twenty six minutes after six no
Speaker 1: money show, Cedric Matidius had most multi asset strategies at
Speaker 1: Aliwani Capital Partners. Patrick could even really appreciate the time tonight.
Speaker 1: So yesterday Telcom share price up thirteen percent, that Bloomberg
Speaker 1: report that MTN wanted to buy them, and today it
Speaker 1: seemed to me from Rolfe mcpeter the mtnco quite a
Speaker 1: solid no.
Speaker 5: Yeah, ex Evan, thanks for having me. I think that
Speaker 5: you asked the question maybe a few weeks back, it
Speaker 5: would have been a resounding years but I think what
Speaker 5: has since come up, which perhaps confirms in or Ralph's
Speaker 5: response yesterday, is based a dog investigation into into a
Speaker 5: MGM in terms of their activities in the Middle East
Speaker 5: and all the other countries where I guess you know
Speaker 5: that they've been sanctioned by the US, so so that
Speaker 5: investigation unfortunately will take a bit of time to conclude.
Speaker 5: But also you know, based on what you've seen elsewhere,
Speaker 5: should they be found to have you know, either a
Speaker 5: or bated you know, any terrorism or any of the
Speaker 5: charge has been put forward, what in terms of our
Speaker 5: areas for investigation the finds called the massive right, and
Speaker 5: and that that that that Kitty needs to put aside
Speaker 5: in case it happens, and therefore we don't think it's
Speaker 5: likely that you know, you can have that investigation on
Speaker 5: the one hand and then pursue a compet action on
Speaker 5: the other, which again is look at the history of
Speaker 5: South Africa. Such comporate apps could also take a while
Speaker 5: and therefore in a draw on resources and likely site
Speaker 5: focused management from the core business.
Speaker 1: It's a really interesting example of a company which strongly
Speaker 1: and sometimes angrily denies wrongdoing and having to basically focus
Speaker 1: on that to the consequence where they can't do something
Speaker 1: they may want to do.
Speaker 5: Yeah, and I think that the real said thing is,
Speaker 5: I mean they really can't get out of those countries
Speaker 5: they've been trying, you know, the all means over the
Speaker 5: last couple of years. One there's no buyer and secondly,
Speaker 5: the rules you know in country are very very tricky
Speaker 5: in terms of navigating and exiting. So so you know,
Speaker 5: do feel sorry for them in a way because initially
Speaker 5: when they got in it was part of a growth
Speaker 5: strategy in met a lot of sense, but unfortunately they
Speaker 5: kind of picked the wrong countries and now a u turn,
Speaker 5: you know, it's pretty much nonexistent. You're currently to just
Speaker 5: you know, to just keep not responding to all these
Speaker 5: quators coming through.
Speaker 1: African Rainbow Minerals are quite a sharp decrease in earnings.
Speaker 1: It seems that the price of thermal coal hit them
Speaker 1: quite hard.
Speaker 5: Yeah, I think they struggle with the thermal coal prices
Speaker 5: but also an old prices that have not been able
Speaker 5: to fetch in a sort of export equivalent. And also
Speaker 5: I think they have a problem child, you know, within
Speaker 5: the complex, which is one of the minds Aboconi, where
Speaker 5: the costs are going the wrong way. This is what
Speaker 5: they're able to get you from a revenue point of view.
Speaker 5: So I think thankfully, I mean they kind of said
Speaker 5: they will most call it and then and hopefully try
Speaker 5: and focus on the cooperations and hopefully this time around,
Speaker 5: you know, given what the community presents have done, they
Speaker 5: also due started to participate on the end of APS and.
Speaker 1: Then the goal price. I mean, it's extraordinary how quickly it's,
Speaker 1: you know, going from record to record. I mean we've
Speaker 1: gone through sort of three five hundred dollars suddenly we're
Speaker 1: very nearly three thousand, six hundred dollars in less than
Speaker 1: a week.
Speaker 5: Yeah, I think it's a reflection of I think two
Speaker 5: key themes that keep on supporting it. On the one hand,
Speaker 5: you've got a central bank buying that is still ongoing
Speaker 5: in an effort to dabecify our way from the dollar.
Speaker 5: And then I think the second one is your politics.
Speaker 5: You know, the the foto option between the three guys,
Speaker 5: we'll get the trump so to speak. I think that
Speaker 5: also spooked a bit of flint in the market, and
Speaker 5: so their flight to safety is benefiting the goal price.
Speaker 1: I hadn't thought of that, but you're right. Big events
Speaker 1: in Beijing today, Patrick Matidi, Thank you very much, indeed
Speaker 1: really to appreciate the time ahead of multi asset strategies
Speaker 1: at Aliwani Capital Partners.
Speaker 2: Step is on The Money Show six to eight pm.
Speaker 1: Well, plenty of things to sort of think about with
Speaker 1: Giorgio o'manni, And I know there'll be plenty of people
Speaker 1: who can make intelligent comments and suggestions about his influence
Speaker 1: on style, and I'm well disappointed. And this won't come
Speaker 1: as a surprise to you to know that I'm not
Speaker 1: one of them. I know he's around, I know he matters,
Speaker 1: I know the name is there. I know people who
Speaker 1: talk about him. I met people who think that he's
Speaker 1: very important. I think that he is, but I have
Speaker 1: no idea. I mean just not. Fashion is just not
Speaker 1: a language that I speak. And I wonder if maybe
Speaker 1: you are. Fashion is a language that you speak, and
Speaker 1: I know plenty of you. You speak much better fashion
Speaker 1: than I. Maybe actually this is the kind of person
Speaker 1: where you start to think a little bit about why
Speaker 1: we wear what we do. What I do know about
Speaker 1: the world is the cumulative sort of work of someone
Speaker 1: like Omani probably has had an influence on what I'm
Speaker 1: wearing right now, or on a shade of the color
Speaker 1: of something that I'm wearing right now, in a way
Speaker 1: in which I don't even think, I suppose. The point
Speaker 1: I'm trying to make is that everything is sort of
Speaker 1: connected to itself, and when someone is so so influential
Speaker 1: to the point where they can start as a fashion
Speaker 1: designer and end up basically having all sorts of things
Speaker 1: named after them, when the surname is all you need
Speaker 1: to know, well, that can kind of tell you how
Speaker 1: one thing can have a big impact in so many
Speaker 1: different directions. Anyway, your thoughts about Giorgio o'mani one o
Speaker 1: double one, double a three oh seven, O two and
Speaker 1: O two one four, four six five six seven seven
Speaker 1: two with Stephen email him on Stephen at seven oh
Speaker 1: two dot co dot z A. Just to remind you
Speaker 1: the Friday bis Blitz in a couple of moments and
Speaker 1: we have a bumper edition tonight. We actually have nine questions,
Speaker 1: so we've had one or two people get through and
Speaker 1: answer four or five questions correctly. This is the first
Speaker 1: time in so far as I know that we've been
Speaker 1: doing the Friday Bisblit's you have a chance to get
Speaker 1: nine answers correct in a row and that might be
Speaker 1: a good way for you to start the weekend. Oh
Speaker 1: double one double A three oh seven oh two O
Speaker 1: two one four four six o five six seven, The
Speaker 1: Money Show, the Friday File, the Friday File Well Confirmation.
Speaker 1: Today the group A Fine Wine Fellow is buying Norman Goodfellows.
Speaker 1: I think Norman Goodfellows must be one of the most
Speaker 1: well known, one of the best known wine and spirit
Speaker 1: shops around. Jason McAvoy is the CEO of Norman Goodfellows
Speaker 1: at Jason good Evening. Thanks so much for joining us
Speaker 1: on Friday File tonight.
Speaker 6: Thank you for having me Stephen.
Speaker 1: Why did you agree to the deal? I mean, is
Speaker 1: there something going on in the industry that we should
Speaker 1: all know about?
Speaker 5: No sot for me.
Speaker 6: You know, I've been running the business for close on
Speaker 6: five years, and I've been partners with the Krambers for
Speaker 6: seventeen plus. But I go from having only seventy one
Speaker 6: this year and I think looking for an exit and
Speaker 6: I've got sort of my new shelders of forty five.
Speaker 4: So it's new energy.
Speaker 1: Okay, do you think I mean, if you look at
Speaker 1: the way the industry is at the moment. We all
Speaker 1: remember the disruptions during COVID, but otherwise the kind of
Speaker 1: industry is a very sort of stable industry, by which
Speaker 1: I mean you can invest and kind of keep going
Speaker 1: over a longer term. Do you see any changes coming
Speaker 1: up that might just affect the kind of trajectory of
Speaker 1: the of the fine wine and spirits industry at the
Speaker 1: mont But.
Speaker 6: Now, our business is the retail, But our retail doesn't
Speaker 6: really compete with the big guys. We destination retail for
Speaker 6: range and the advice, and then we supply restaurants and
Speaker 6: hotels and pubs and clubs with not only food, not
Speaker 6: any beverage, but food as well these days. So what
Speaker 6: we're seeing is a tough economy, but we don't see
Speaker 6: the industry is significantly changing within the space.
Speaker 4: That we operate.
Speaker 1: I have a friend and he, well more than one,
Speaker 1: but a particular friend, and he had a bottle of
Speaker 1: whiskey that had actually been sort of almost passed down
Speaker 1: to him from a previous generation, you know it was.
Speaker 1: It was at least thirty or forty years old. And
Speaker 1: he and I were happen to be looking at the
Speaker 1: empty bottle and thought to ourselves, or we'll never see
Speaker 1: it again. And he said, well, he knows where to
Speaker 1: go and look, and you'll be pleased to know that
Speaker 1: he found it. How difficult is it to keep such
Speaker 1: a big stock list, such a big list of stock
Speaker 1: that maybe someone will buy something or one item of it,
Speaker 1: maybe only once a month, whereas in most other places
Speaker 1: it'll be, you know, once a week.
Speaker 6: If you want to be a retail destination, you've got
Speaker 6: to have the range. We have over six thousand SKUs
Speaker 6: in our Johannesburg warehouse that obviously full of the shops,
Speaker 6: and four thousand SKUs in our Cape Tan warehouse. That
Speaker 6: disparity comes from the fact that the cap Tonians, both
Speaker 6: private and business, like to have a direct relationship with
Speaker 6: wine farms.
Speaker 1: Yes, but if you.
Speaker 6: The cost of being business and being a specialist is
Speaker 6: having the skews.
Speaker 1: Okay, so you've really got to you've got to keep
Speaker 1: it and you've got to keep it where you can
Speaker 1: get it quite quickly. But you do have to actually
Speaker 1: have a lot more or can't. You have to have
Speaker 1: a much wider range than just about everyone everybody else.
Speaker 6: Well that otherwise there's a differentiation. And if your if
Speaker 6: your plan is to be destination, and we've got over
Speaker 6: two hundred Champagnes in our retail stores, listed in our
Speaker 6: retail stores and stocked in our retail stores, if you
Speaker 6: go to a convenience retail around the corner, you'd be
Speaker 6: lucky to find fifteen or twenty.
Speaker 1: Is this still a big focus on premium brands in
Speaker 1: South Africa? I mean there were times when you know,
Speaker 1: one of the big retailers would kind of have a
Speaker 1: massive advert for a bottle of whiskey that was two
Speaker 1: hundred thousand round or something insane. That focus on premium
Speaker 1: brands is still there.
Speaker 6: Things are things are we haven't We haven't for many years.
Speaker 6: We sold more than one fifty year old every year
Speaker 6: and things aren't like that. There's a on the super premium.
Speaker 6: There is certainly a contraction. You know, there's a portion
Speaker 6: of our market where premium and even super premium carries on,
Speaker 6: but it's not what it used to be three or
Speaker 6: four or five years ago.
Speaker 1: It's interesting, I mean, where does that go? Does that
Speaker 1: go to the next level?
Speaker 6: So there's a there's a concept I heard of this
Speaker 6: week actually, and I loved it, and I could I
Speaker 6: could see it that in South Africa we like to flex.
Speaker 6: So if you're drinking in the context of this conversation
Speaker 6: with Cognac, and they say, if you're drinking by yourself
Speaker 6: or with your wife or your friend, you might have
Speaker 6: a VS, but you're having friends over, you'll stress to
Speaker 6: the XO because you want to show Averron that you're
Speaker 6: good to do it. And that people would do that
Speaker 6: rather than pay off debt, they would leverage up more
Speaker 6: debts to make sure that they're flexing. Sure, so super
Speaker 6: premium and premium carry on, but maybe a more selective occasions.
Speaker 1: It's interesting that that happens, like that price matters in
Speaker 1: most things. I wonder if it matters as much for
Speaker 1: you because you have differentiated yourself. We have quite successfully,
Speaker 1: as Norman good for it. This is sort of a
Speaker 1: name that many many people have heard of. Does price
Speaker 1: maybe matter a little bit less for you than it
Speaker 1: does for other people because that's not actually what you're
Speaker 1: competing on?
Speaker 6: So on on KVI lines I call it in an
Speaker 6: industry so on like a Jameson's Johnny Walker, Black Hennessey
Speaker 6: verb mart Lauren Perier. People are very pro sensitive, so
Speaker 6: you have to be competitive. Our aim is to be
Speaker 6: within ten rand on on those lines versus our competitives.
Speaker 6: But when it comes to things that you can't get everywhere,
Speaker 6: you have a little bit more latitude. But don't get
Speaker 6: me wrong, the margin in liquor is very is very small,
Speaker 6: so there's lots of huge amounts to play with.
Speaker 1: There's been a lot of sort of issues around trade
Speaker 1: and concerns around tariffs. Is that going to affect some
Speaker 1: of the markets that you deal And I know, I mean,
Speaker 1: I mean, we all know the stories of people who
Speaker 1: come to South Africa from Europe or from the States
Speaker 1: and are amazed at how cheap our alcohol is compared
Speaker 1: to where they are. So two things to that.
Speaker 6: First is that I've traveled a lot in the last
Speaker 6: couple of years, and what I've learned is that our
Speaker 6: wines are world class and at the price point that
Speaker 6: we pay for them, are very, very lucky to the
Speaker 6: value for money we get for our wine is outstanding.
Speaker 6: The second thing I would say is that the tariffs
Speaker 6: and what the US arriffs has done for us is
Speaker 6: has given us opportunity for guys to see our markets
Speaker 6: as growth markets, and we're getting access to better product,
Speaker 6: be it food or beverage, to get access to products
Speaker 6: who wouldn't have got before because it can't go to
Speaker 6: America because it's become too expensive.
Speaker 1: Young people do seem to be drinking less, and I
Speaker 1: know people in the wine industry talk a little bit
Speaker 1: about this. Do you think that will affect you? I mean,
Speaker 1: then the spirits and wines that you'll be selling, say
Speaker 1: in twenty years something is that going to I mean,
Speaker 1: it's a long process that and things can easily change.
Speaker 1: And humans have been drinking alcohol. I have no idea
Speaker 1: how long for but a long time. But do you
Speaker 1: think that that's going to make any kind of have
Speaker 1: any kind of impact on you? In the longer.
Speaker 5: Term I was.
Speaker 6: I think it would be naive to say it wouldn't.
Speaker 6: What I would say is that the the trends are
Speaker 6: very much in the in the First World markets, and
Speaker 6: very much in the younger part of that market. Those
Speaker 6: trends aren't as evident in Third World markets or African markets.
Speaker 6: So it has to come, but I think it would
Speaker 6: be a lot slower here.
Speaker 1: Jason McAvoy, thanks very much. Indeed really appreciated CEO of
Speaker 1: Norman Goodfellows being born now by being bought now by
Speaker 1: a fine wine fellow, and as I said, a name
Speaker 1: that has been around, Norman Goodfellows, that is for a
Speaker 1: very very long time. Taking your call one, one, three, seven,
Speaker 1: sign for the Friday biz Blitz on The Money Show.
Speaker 1: We actually have nine questions for you tonight. If we
Speaker 1: get through all of them, you can call yourself the
Speaker 1: champion of the Friday Bisbelts. And as a result, we
Speaker 1: do get the sense that just maybe tonight of all nights,
Speaker 1: you're actually feeling very much on top of your game.
Speaker 1: So you know the number, you know how the game works.
Speaker 1: You call us, we put the question to you. If
Speaker 1: you get it right, we move on to the next question.
Speaker 1: If you get it wrong, we move on to the
Speaker 1: next caller. Here we go, first question on the Friday
Speaker 1: Business that's very topical question tonight. X A you is
Speaker 1: the ticker symbol for which commodity? If you think of
Speaker 1: x AU, what does it actually mean? What are we
Speaker 1: talking about? If you think of the phrase, well, the
Speaker 1: letters rather x A U double one double A three
Speaker 1: oh seven, O two and two one four four six,
Speaker 1: five six seven.
Speaker 7: The Money Show, Stephen Quetez is brought to you by
Speaker 7: absur cib Cloud, sponsor of the Sarah Rail Conference twenty
Speaker 7: twenty five Powering Progress, Connecting Economies, The.
Speaker 1: Money Show Friday businesss Well, first question on the Friday
Speaker 1: Blitz this evening. X AU is the ticker symbol for
Speaker 1: which commodity? We have questions to around the US magazine
Speaker 1: Vogue Blue label telecoms, and one of the questions is
Speaker 1: going to be about a global food giant that was
Speaker 1: in the news this week. But first question for you
Speaker 1: on the Friday Bus Blitz on double one double A
Speaker 1: threeh seven O two and two one four four, six,
Speaker 1: five sixty seven. Is x AU is the ticker symbol
Speaker 1: for which commodity? And it is a commodity which has
Speaker 1: been in the news and has been in virtually every
Speaker 1: business bulletin that I've done this week because of the
Speaker 1: particular record that it's rarely been involved in. So x
Speaker 1: AU is the ticker symbol for which commodity? It's the
Speaker 1: first question on the Friday blitz for you this evening.
Speaker 1: Questions still to come around vogue, around blue label, around
Speaker 1: a clothing brand, and one or two of our banks
Speaker 1: as well, and also a question about toys are so
Speaker 1: first question tonight on the Fridays. Let's x AU is
Speaker 1: the ticker symbol for which commodity? Would be the first
Speaker 1: question on the Fridays. Let's on double one double A
Speaker 1: three oh seven O two and two one four four
Speaker 1: six five six seven. It is, as I say, a
Speaker 1: commodity that's been really in the news for the last
Speaker 1: few days and really the last few weeks before that.
Speaker 1: There's really no other way to describe it. Let's go
Speaker 1: to Rosebank, I presuming Johannesburg Mindler, Hello, Hi gold. It
Speaker 1: is gold, yes, and it's seen as a currency pair
Speaker 1: X A U A USD, so that's a dollar obviously. Okay.
Speaker 1: Second question here we go after thirty five years. Which
Speaker 1: legendary editor is stepping back from the helm of the
Speaker 1: US magazine Vogue the lady.
Speaker 5: Oh Mindler, that lady man forgotten a name.
Speaker 1: Sorry Mandler, let's try. It's going to Dave in Edenville
Speaker 1: in Gingerburg. Dave, the editor stepping back from the helm
Speaker 1: of Vogue in the US.
Speaker 5: I'm going to give it to you.
Speaker 1: David's Anna Winter. Yes, okay. Blue label wants to list
Speaker 1: which telecoms company on the JC It's one of the
Speaker 1: well known networks. Blue Label wants to list which telecoms
Speaker 1: company on the JC day? Oh, come on down, Yes
Speaker 1: it is cel C day. Yes, okay. Which global food
Speaker 1: giant sacked at CEO Laurent Frixe over an office relationship
Speaker 1: scandal this week. It's a global food giant. Of you
Speaker 1: drink any instant coffee, you'll know them. They fired their CEO.
Speaker 1: Next lay Yes, Nestley Okay. The Unique Clothing brand is
Speaker 1: controlled by which Jase retailer. They had their results out
Speaker 1: this week with the unique clothing brand U n i Q.
Speaker 1: Who owns them?
Speaker 5: Sure?
Speaker 1: Come on, Dave, don't fail me now. The Unique Clothing brand, Dave,
Speaker 1: you're going to kick yourself there's someone who knows you,
Speaker 1: who can hear you right now, going, come on.
Speaker 5: Unique clothing brand.
Speaker 1: It's controlled by which retailer that's on the JC. So
Speaker 1: which of the big big shops, which of the big
Speaker 1: supermarkets owns Unique?
Speaker 4: Come on?
Speaker 8: Dave cheers, Yes, all right, we got to question number five.
Speaker 1: Dave, congratulations, you are the winner of the Friday BIS.
Speaker 1: Let's on the money show this evening, good evening. It's
Speaker 1: seven o'clock