Edgars Stores Limited Zimbabwe Group has appointed Chesternoel Mutevhe as its new Chief Financial Officer (CFO), effective January 1st, 2024. This decision comes in the wake of Happiness Vundla’s resignation as CFO of Edgars Stores Limited Zimbabwe Group in November.

Mutevhe is anticipated to bring substantial experience to his role as CFO, having spent seven years with CFI Holdings, where he served as the Group Financial Director. He also held the position of head of finance in Zimbabwe for Karo Platinum.

The appointment of Mutevhe underscores Edgars’ dedication to achieving financial stability and executing a strategic turnaround. The preceding year posed challenges for Edgars, with declining profits attributed to a turbulent market environment. The departure of former CEO Tjeludo Ndlovu and Vundla in November reflected the difficulties faced by the company.

Similar to other Zimbabwean retail entities, Edgars encountered obstacles from currency distortions, escalating inflation, and formidable competition from the informal sector. The impact of the Covid-19 pandemic further complicated matters, with forced closures in 2021 leading to outdated merchandise sales, diminishing customer appeal.

Moreover, the rise of informal traders offering second-hand clothes at lower prices eroded Edgars’ market share. In response, the Zimbabwean government implemented measures to level the playing field, such as prohibiting wholesalers without VAT registration or valid tax clearance certificates from purchasing directly from manufacturers.

Edgars’ selection of Mutevhe as its CFO signals a commitment to adapting to the new economic landscape and addressing existing complexities. His extensive financial expertise and successful track record will play a crucial role in guiding the company toward profitability and ensuring long-term sustainability.

With a new CFO at the helm and supportive regulatory measures in place, Edgars aims to regain its position and thrive in the evolving Zimbabwean retail environment. The success of overcoming challenges and rebuilding customer trust remains to be seen, but Mutevhe’s appointment signifies a renewed commitment to revitalizing the brand and restoring its financial well-being.