INTEGRATED REPORT 2023

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CREATING SUSTAINABLE VALUE

OUR BUSINESS PHILOSOPHY

Our Business Philosophy is our DNA

OUR BUSINESS PHILOSOPHY FUNDAMENTALLY DESCRIBES THE ESSENCE OF WHO WE ARE. IT IS OUR DNA THAT MAKES US UNIQUE AND IT DIFFERENTIATES US FROM OUR COMPETITORS.

OUR BUSINESS PHILOSOPHY AND OUR STRATEGY

Our Business Philosophy is core to the ongoing success of the business. We rigorously apply our Business Philosophy to direct our consistent focus on creating value for our stakeholders.

Our strategic objectives are aimed at adherence to and fulfilment of the objectives of our Business Philosophy as defined by our Purpose statement and our Vision for stakeholders. We strive to achieve these strategic objectives through the successful execution of various plans and actions. The extent to which these plans and actions have been successful is then measured by comparing the stakeholder Vision to reality which allows us to identify areas where improvements need to be made. Our Business Philosophy is the heart and soul of our business that drives our operating philosophies, principles and decision making across Truworths and Office and comprises three synergistic elements:

OUR PURPOSE

defines the essence and fundamental ingredients of how we aim to meet our customers’ expectations

OUR VALUES

shape the business culture and behaviours required to achieve our Purpose using 'sequential interdependence'

OUR VISION

describes the expectations of our primary stakeholders (customers, employees and shareholders) and how the stakeholders expect management to execute innovative strategies which deliver significant value over time

REFRESHING OUR VALUES

As the business and our operating environment evolve, we review and make appropriate adjustments to the elements of our Business Philosophy to ensure that it remains relevant and that we are able to continue to deliver on our stakeholder expectations. In the reporting period we refreshed our Values and expanded thereon with the addition of
“Contribution-focused” and “Embrace the power of inclusive teams”.

“Contribution focused” has always been part of our philosophy and practice. The explicit inclusion is an enhancement to further promote this behaviour. “Embrace the power of inclusive teams” serves to reflect our commitment to creating a more inclusive working environment for all employees, regardless of gender, race, religion, culture or any other personal preference. Teamwork is central to our success and the inclusion of a broad range of different experience and perspectives in our teams enhances and challenges our thinking.

Our refreshed Values have been introduced to all teams across the Group in South Africa and the UK, through formal, interactive training, facilitated by the Group’s leadership and Human Resources team. We are excited about the positive impact that this change will bring to the business in the years ahead as we continue on our journey to deliver on the Vision for our stakeholders.

WE ARE ALWAYS GUIDED BY OUR BUSINESS PHILOSOPHY WHICH DIRECTS OUR CONSISTENT FOCUS
ON THE LONG-TERM PURPOSE AS A GUIDING LIGHT THROUGH GOOD AND BAD TIMES TO DELIVER OUR VISION

OUR PURPOSE

defines the essence and fundamental ingredients of how we aim to meet our customers’ expectations

TRUWORTHS

THE TRUWORTHS PURPOSE STATEMENT

Youthful fashionable South Africans want to look attractive and feel successful and confident. Truworths entices them into exciting and visually appealing, aspirational real and virtual retail emporiums, which are staffed by passionate and knowledgeable team members and which offer wide ranges of curated and tasteful fashion of superb quality and intrinsic value. The ranges of unique aspirational fashionable brands are an innovative and adventurous blend of colour, fabric and fashion styling.

OFFICE

THE OFFICE PURPOSE STATEMENT

Youthful fashionable customers want to look attractive and feel cool and confident.

Strongly influenced by the iconic London fashion culture, Office presents them with a wide, curated, high-quality, relevant range of the latest in-demand styles and brands they desire. Office relates to each individual’s unique preferences, by offering its range in a fashionable, aspirational, physical and digital environment that allows them to create their ultimate shoe wardrobe.

OUR VALUES

shape the business culture and behaviours required to achieve our Purpose using 'sequential interdependence'

OUR VISION

describes the expectations of our stakeholders and how the business is assessed in terms of creating value for our stakeholders

THE VISION FOR OUR TRUWORTHS CUSTOMERS

‘Truworths helps me look attractive and feel successful and confident. Shopping at Truworths is exciting because it offers wide ranges of curated and tasteful fashion of superb quality and intrinsic value in retail emporiums that are visually appealing and staffed by passionate and knowledgeable staff.’

THE VISION FOR OUR OFFICE CUSTOMERS

‘Office is the first place I go when I want to see a wide range of the latest high-quality shoes from in-demand fashionable brands, that make me feel attractive, cool and confident. Shopping at Office is effortless, whether I am online or in store, with a range that allows me to express my individuality and create my shoe wardrobe.’

THE VISION FOR OUR EMPLOYEES

‘I am totally committed because my team members and I are encouraged to contribute innovatively, and celebrate and reward excellence in contribution.’

THE VISION FOR OUR SHAREHOLDERS

‘We are long-term investors in Truworths International because we trust in management’s capacity to execute innovative strategies which deliver significant value over time.’

 

Contribute more than you consume and contribute before you consume to

encourage a culture of putting the business first to ensure long-term sustainability.

It is a marathon and not a sprint;

so always think long term and do not overreact to short-term events.

Focus on what you can do, not what others should do to be the best you can be, and encourage others around you to do the same.

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Nurture the “Golden Goose” – we are here to promote the company, not ourselves.

A problem in one area is probably a broader problem, so solve the broader problem, not only the one problem.

THE TEN CORE BELIEFS THAT GIVE PRACTICAL EFFECT TO OUR BUSINESS PHILOSOPHY

Each one of us has our own set of personal values, some of which may be different to the values of our organisation. So within our business we do not strive to change personal values, but we do expect each individual to behave according to the values of the company when representing the business.

It is not what people say, it is what they do – your actions speak louder than your words.

Do not buy growth in market share at the expense of profit – growth as an objective instead of an outcome is not enduring.

Always ask ‘What is the lesson to learn, so that it is not repeated?’ – you learn from your mistakes.

In Truworths Africa, the Truworths Emporium always comes first, ahead of our other concepts because it epitomises our Purpose.

Be frugal in good and bad times but nevertheless spend generously in achieving the Vision of our Business Philosophy on fashion, on stores, on people and on systems.

INTEGRATED REPORT 2023