Woolworths Holdings Limited (WHL), parent company to Country Road Group (CRG), will invest $56 million in its Australian subsidiary to drive wholesale and concession expansion.
Speaking at an interim analyst presentation for its first-half results, WHL group finance director Reeza Isaacs said its $56 million CRG investment forms part of an overall group capex investment of 8 billion in South African Rand.
“From a Country Road perspective, it's around store expansion and also DC [distribution centre] expansion given the growth in that business,” Isaacs said.
“So it’s really around the growth opportunities within Country Road, and in South Africa.”
The overall capex investment will also cover technology and data, digital and online, and loyalty and demand management.
Excluding David Jones, which the company sold off in March this year, this investment is more than R1.1 billion on FY22.
Meanwhile, David Jones and CRG reported positive trading in the first eight weeks of the second half of 2023. David Jones is up 13.6% on the same time last year, while CRG reported a 7.3% lift on last year.
Their H1 results were up $1.2 billion and and $623 million respectively.