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MarketScreener Homepage  >  Equities  >  Johannesburg Stock Exchange  >  Clicks Group Limited    CLS   ZAE000134854

CLICKS GROUP LIMITED

(CLS)
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S.African retailer Clicks' stores face protests over ads seen as racist

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09/07/2020 | 03:57pm EDT

* Protests over ad calling black hair as "dry and damaged"

* EFF opposition party demands stores close for a week

* Clicks says seven stores damaged

* More than 400 forced to close

JOHANNESBURG, Sept 7 (Reuters) - Demonstrators damaged seven of South African drug retailer Clicks Group's shops on Monday and forced more than 400 to close during protests over what they said was a racist advertisement.

The advert by TRESemmé, a Unilever Plc brand, showed an image of African black hair which it described as "dry and damaged", while an example of white hair was referred to as "fine and flat".

The advert, posted on Clicks' website on Friday, provoked a backlash on social media and the retailer removed it the same day. It apologised, as did TRESemmé South Africa.

But on Monday, protesters led by hard-left party Economic Freedom Fighters (EFF) demanded Clicks stores be shut for at least a week. Some wore EFF's trademark red hard-hats and overalls and sung struggle songs outside Clicks stores.

"White people insult us and then they apologise, they think that's the end. We are no longer going to accept any apology which is not accompanied by justice," EFF leader Julius Malema told supporters outside a closed Clicks store in Polokwane in the province of Limpopo. "Who is punished for projecting black people as ugly people?"

Video footage on Twitter showed protesters toppling shelves and destroying products in one store. Another, in Witbank in Mpumalanga province, appeared to have suffered fire damage.

Clicks said 51 stores had closed in the Western Cape province, 92 in KwaZulu-Natal and the Eastern Cape, and 302 in Gauteng and elsewhere.

Seven stores were damaged, but Clicks said it was unable to estimate the cost of the damage for now.

"The negligent employees have been suspended, and we have engaged the supplier, who has now also issued an apology," Clicks Chief Executive Vikesh Ramsunder said of the advert.

Facing accusations of racial prejudice, Unilever said in June it would drop the word "fair" from its "Fair & Lovely" skin lightening products.

Many makers of consumer packaged goods have reconsidered their marketing following global protests against racial injustice. Several brands have scrapped Black advertising mascots.

(Reporting by Nqobile Dludla and Mfuneko Toyana; Editing by Promit Mukherjee and Timothy Heritage)


Stocks mentioned in the article
ChangeLast1st jan.
CLICKS GROUP LIMITED 7.15% 236.39 End-of-day quote.-7.87%
UNILEVER N.V. -0.54% 51.88 Delayed Quote.1.89%
UNILEVER PLC -0.86% 4790 Delayed Quote.11.16%
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Financials
Sales 2020 34 266 M 2 085 M 2 085 M
Net income 2020 1 798 M 109 M 109 M
Net cash 2020 2 567 M 156 M 156 M
P/E ratio 2020 33,0x
Yield 2020 2,02%
Capitalization 58 781 M 3 566 M 3 576 M
EV / Sales 2020 1,64x
EV / Sales 2021 1,50x
Nbr of Employees 15 413
Free-Float 90,7%
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Technical analysis trends CLICKS GROUP LIMITED
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Income Statement Evolution
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Mean consensus UNDERPERFORM
Number of Analysts 6
Average target price 241,67 ZAR
Last Close Price 236,39 ZAR
Spread / Highest target 12,5%
Spread / Average Target 2,23%
Spread / Lowest Target -13,3%
EPS Revisions
Managers
NameTitle
Vikesh Ramsunder Chief Executive Officer & Executive Director
David Morris Nurek Independent Non-Executive Chairman
Michael Fleming Chief Financial Officer & Executive Director
Martin Rosen Independent Non-Executive Director
Fatima Abrahams Independent Non-Executive Director
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