Taste Holdings Acquires Arthur Kaplan Jewellery For $7.7m

  Mzwandile Jacks Investing, M & A

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VENTURES AFRICA – Taste Holdings, the JSE-listed management group with subsidiaries in the food and jewellery sectors, has acquired South Africa’s well-known jewellery firm, Arthur Kaplan Jewellery (AKJ), for R85 million ($7.7m) in cash.
Taste said AKJ’s “affluent aspirational” target market supported its view that to compete in the upper income consumer market, it should be done with the best brands.
AKJ is the leader in the luxury Swiss watch market in South Africa. Taste currently manages over 25 watch brands in its existing business and sells these in over 77 locations in Southern Africa.
The range of jewellery is aligned with Taste’s current manufacturing capability and Taste believes there is upside potential to grow AKJ offering and its revenue contribution.
“There is scope for growth in store numbers within
the South African market as well as scope to satisfy demand for luxury Swiss watches in sub-equatorial Africa,” Taste said.
“This market is currently underserved by dedicated retail offerings and this African focus and opportunity is aligned with that of the broader Taste group,” it added.
AKJ is the leading retailer of Swiss watches in South Africa.
It has in the last 40 years established a reputation in the retail watch market as a stockist of premium luxury brands including Rolex, Breitling, Omega, Tag Heuer and Longines and is one of the few retailers in the marketplace to stock these leading brands in multiple outlets.
AKJ retails a number of other leading luxury watch brands and a selection of fashion watch brands.