Almot Maqolo, Staff Writer 
CLOTHING firm, Edgars Stores (Edgars) says it is going to spend US$6 million on importing fabrics from Italy and Turkey this current fiscal year, representing a 50 percent rise compared to the same period last year.
The group operates three divisions, Edgars and Jet retail chain, Carousel manufacturing and Club Plus microfinance.
Edgars’ chief executive officer, Sevious Mushosho told The Financial Gazette on the sidelines of the group’s analyst briefing that they were basically creating a “buff” for their fabrics.
“So, that will not be a significant number in the scheme of the overall stockholding because once we beneficiate locally, the value of that fabric is going to be probably three times that.
“Effectively, in terms of the overall value of stock, that will be quite insignificant in terms of our imports,” he said.
Subscribe to The Financial Gazette
This is premium content. Subscribe to read article.
