Struggling Edgars appoints Mutevhe as new Group CF...

Struggling Edgars appoints Mutevhe as new Group CFO

Nyashadzashe Ndoro

Edgars Stores Limited Zimbabwe Group has appointed Chesternoel Mutevhe as its new Chief Financial Officer, replacing Happiness Vundla, who resigned last November.

Mutevhe’s tenure began on January 1, 2024. He worked for CFI Holdings for seven years, as group financial director. He was head of finance in Zimbabwe for Karo Platinum.

Vundla together with Tjeludo Ndlovu, who was the company’s chief executive officer, surrendered the keys after allegedly failing to manage the constant decline of profits at Edgars.

Retail companies in Zimbabwe have been crying foul due to currency distortions, rising inflation and uneven competition from the informal market.

Edgars started experiencing huge losses during the Covid-19 pandemic when the company was forced to put old merchandise that customers didn’t want on sale in 2021 after losing selling months to the lockdown.

Informal traders also emerged with imported pre-loved clothes selling them at very low prices outside Edgars premises providing an advantage to customers who do not afford expensive boutiques.

To counter the uneven competition retailers face from informal traders, the government has since introduced a cocktail of measures, including directing that wholesalers which are not VAT registered and do not have a current tax clearance certificate are no longer allowed to purchase goods from manufacturers.

The Zimbabwe Revenue Authority said these measures are meant to protect value chain integrity and transparency, to counter unfair competition by informal traders, and to get these informal traders to register and pay tax.