Are executives overestimating the growth potential of the middle class in Africa? Our correspondent from Nigeria finds out that the real money in Africa lies in technology and innovation enterprises.
Just 10 years ago, the Edcon group was making R1.3bn in net profits. But for the year to March, net loss came in at R2bn on the back of R29.4bn in revenues. The only piece of good news, strictly for eternal optimists, is that net loss has narrowed from last year’s R2.4bn. Finweek contributor Shoks Mzolo finds out where the group went wrong?