Retail
Forever 21 heads to SA
An American fashion brand, Forever 21, planned to enter the local fashion market by opening its first store in Canal Walk shopping centre in Cape Town, Hyprop said on Friday. The brand, whose headquarters are in Los Angeles, is primarily a youth brand and boasts stores across the US with an international footprint in 10 Latin American countries, 19 Asian countries and five European countries. “We are excited to enter the South African market and have plans for some exceptional stores for this market,” Jatin Malhotra, Forever 21’s director for real estate business development, said. Malhotra said Canal Walk shopping centre was a perfect venue for the brand. The store will open mid-year. The shopping centre also houses international fashion retailers such as Topman Topshop and Cotton On. – Nompumelelo Magwaza
Mining
Sibanye beats output forecast
Sibanye Gold would report production of 386 000 ounces of gold in the quarter to December, 2 percent higher than its projections in October last year, it said on Friday. Gold production for the year to December will be 1.43 million ounces, with average costs of R355 000 a kilogram, or $1 150 an ounce. “This is significantly better than guidance provided in 2013 of 1.29 million ounces for the year and average all-in cost higher than R380 000 a kilogram,” the company said. Earnings a share and headline earnings a share for the six months to December were expected to be between R1.87 and R1.97. Earnings a share for the year to December were expected to be between R2.55 and R2.65, and headline earnings a share between R3.50 and R3.60. Results for the six months and for the year to December would be released this month. Sibanye Gold closed 4.35 percent up at R15.84 on Friday. – Dineo Faku