Zimbabwe’s Innscor conglomerate enters Tunisian food market
Innscor Africa Ltd., the Zimbabwe-based fast food, retail and tourism group, has concluded negotiations for food service developments in Tunisia and Senegal, as part of a pan-African investment drive. Shops are due to open in November and October 2003, respectively.
“The group is consistently reviewing its regional portfolio and has taken the decision that it will franchise those operations where potential is ‘low’,” according to a company press release. In the six months, which ended December 31, 2002, Innscor recorded a turnover of $23.8 billion, representing a growth of 207 percent.
The consumer orientated group of businesses, operating in the food, adventure tourism, crocodile ranching, retail and distribution sectors in seven countries in central, east and west Africa, is a division of the conglomerate Innscor group
Innscor is often described as a brand warehouse with a stable of internationally recognized brands as well as its own generic brands which include Chicken Inn, Pizza Inn, Nandos, Steers, Creamy Inn and Bakers Inn on the food side and Spar, Capri, TV Sales & Hire, Kodak, Photo Inn, Johnson & Johnson, Colgate, Gillette and other household brands in the retail and distribution sector.
In Innscor’s Zimbabwe operations, the food sector recorded a turnover growth of 223 percent on the prior period, while the non-foods sector achieved a turnover growth of 107 percent. The distribution sector produced good results for the six months with turnover growth of 319 percent over the prior period.
The group's regional operations produced a turnover of $7.7 million in the period, a growth of 15 percent. "The group is focused on further exploiting existing intellectual property rights in Zimbabwe and the region through the development of additional branded stores and is actively pursuing the expansion of its range of intellectual property rights," the company said. — (menareport.com)
© 2003 Mena Report (www.menareport.com)