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

CLICKS GROUP LIMITED

(CLS)
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Seven of South African retailer Clicks' stores damaged in protests over 'racist' ad

09/07/2020 | 09:56am EST
South Africa's drug store chain Clicks and Unilever in hot water over prejudice against natural black hair

Demonstrators damaged seven of South African drug retailer Clicks Group's shops on Monday and forced others to close during protests over what they said was a racist advertisement posted on its website.

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 apologized, 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 apologize, 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 there were protests at 37 stores in Kwa-Zulu Natal, Gauteng and Western Cape provinces. Seven stores were damaged. It was not clear which stores had shut.

"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)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CLICKS GROUP LIMITED -0.95% 243.63 End-of-day quote.-5.05%
UNILEVER N.V. 5.20% 51.02 Delayed Quote.-5.33%
UNILEVER PLC 5.07% 4560 Delayed Quote.-0.24%
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Financials
Sales 2021 37 481 M 2 460 M 2 460 M
Net income 2021 2 069 M 136 M 136 M
Net cash 2021 2 707 M 178 M 178 M
P/E ratio 2021 29,3x
Yield 2021 2,19%
Capitalization 60 582 M 3 979 M 3 977 M
EV / Sales 2021 1,54x
EV / Sales 2022 1,41x
Nbr of Employees 15 582
Free-Float 99,9%
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Technical analysis trends CLICKS GROUP LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
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Buy
Mean consensus HOLD
Number of Analysts 6
Average target price 258,33 ZAR
Last Close Price 243,63 ZAR
Spread / Highest target 12,5%
Spread / Average Target 6,04%
Spread / Lowest Target 2,20%
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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