Weaving through the intricacies of the retail sector
Retail sales growth outpaced analyst expectations in May coming in at 2.2% year-on-year versus 1.7%. On a month-on-month basis sales are up a tepid 0.1% while quarter-on-quarter sales grew 1.7% where general dealers and retailers in textiles led the gains. Subsidiary of JSE listed Brimstone, House of Monatic, the company behind President Ramaphosa's SONA suit owns and manufactures formal wear brands and says their biggest contention with government is that they have to import all their raw materials. MD of the Company, Aldo Agnello joined Business Day TV to talk about the intricacies of the textile industry and their growth outlook for the sector.