Edgars Stores Has Appointed Chesternoel Mutevhe As Its New Chief Financial Officer

Edgars Stores Limited Zimbabwe Group has appointed Chesternoel Mutevhe as its new Chief Financial Officer (CFO) starting from January 1st, 2024. This comes after the previous CFO, Happiness Vundla, resigned in November, ZimLive reported. Mutevhe brings valuable experience to the role, having worked for seven years at CFI Holdings and most recently serving as Group Financial Director. He also held a finance position at Karo Platinum in Zimbabwe. His appointment reflects the company’s dedication to improving its financial stability and implementing a strategic turnaround plan.

Edgars faced challenges in the past year, including declining profits attributed to a difficult market environment. Former CEO Tjeludo Ndlovu and CFO Vundla stepped down due to these challenges. Like other retail companies in Zimbabwe, Edgars struggled with currency distortions, rising inflation, and competition from the informal sector. The COVID-19 pandemic further worsened the situation, as lockdowns led to outdated merchandise sales and increased competition from pre-loved clothes sold by informal traders at lower prices.

To address these issues, the Zimbabwean government has introduced measures to level the playing field for formal retailers. Wholesalers without proper registration and tax clearance certificates are now prohibited from buying directly from manufacturers, aiming to reduce unfair competition from the informal sector and encourage its formalization.