Clothing retailer has grown into a R1.2bn telecoms giant in 5 years

Mr. Price released his full-year financial results on Thursday and said his telecommunications segment surpassed a billion rand for the first time.

Group revenue increased 23% to R28.1 billion, of which Mr. Price Sotellar and Powercell accounted for R1.2 billion, up 34.4% in the 52 weeks ended April 2, 2022.

“Mr Price Cellular, launched in 2017, has reported exponential growth since inception and is now available in 374 stores with promising growth opportunities, primarily through individual store openings,” the company said.

“Mobile phones and accessories gained 130 basis points of market share in line with knowledge growth (1.3 percentage points) – 190 points, including Powercell in Power Fashion,” the report said.

Mr. Price said this was a significant gain given the disruptions caused by global supply chain issues and civil unrest in KwaZulu-Natal and Gauteng during July 2021.

According to the Retailers Relations Committee, the group reported a 1.4% increase in market share.

The retailer also saw strong online growth, increasing its market share by 70 basis points to 13.3%.

Online sales grew by 48.2% and accounted for 2.9% of retail sales.

Referring to Similar Web statistics for April 2021 – March 2022, Mr. Price said that his online growth was the second largest behind Takealot among omnichannel and pure retailers.

“Nearly six million loyal social media followers grew by double digits,” Price said.

“The Mr Price mobile app remains the most popular fashion shopping app in South Africa on the Google Play store, with customer usage up 27.3% according to Similar Web.”

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