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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 differentiates us from our competitors.
OUR LEADERS
play an essential role in ensuring that we remain true to our DNA. We believe in and actively practise our core beliefs.
WE CREATE
the platform and environment for teams and individuals to deliver our Purpose and live our Values so that we can deliver on our stakeholders’ expectations.
WE PRACTISE
a leadership style that is realistic but cautiously optimistic, that focuses on our Values, and that ensures solutions are found and opportunities identified are capitalised on, particularly in adversity.
WE ARE RESOLUTE
in our focus on our Business Philosophy, which drives our strategy and our behaviour.
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 consistently focus on creating
value for our stakeholders.
Our strategic objectives are aimed at achieving 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. We measure our success by comparing our achievements to our Vision, allowing us to identify areas where we can strive to improve.
Our Business Philosophy is the heart and soul of our business. It drives our operating philosophies, principles and decision making across Truworths and Office and comprises three synergistic elements:
1
OUR
PURPOSE
defines the essence and fundamental ingredients of how we aim to meet our customers’ expectations
2
OUR
VALUES
shape the business culture and behaviours required to achieve our Purpose
3
OUR
VISION
describes the expectations of our primary stakeholders (customers, employees and shareholders) and how these stakeholders expect management to execute innovative strategies which deliver significant value over time
Reinforcing our refreshed Values
In 2023, the Values of Truworths and Office were reviewed and two additional Values were incorporated into the Business Philosophy. The first, ‘Contribution focused’, aims to further promote this behaviour, and the second, ‘Embrace the power of inclusive teams’, reflects our commitment to creating a more inclusive working environment for all employees, regardless of gender, race, religion, culture or any other personal preference. Formal inclusive leadership training, facilitated by the Group’s leadership and Human Resources department, has raised employee awareness of the refreshed Values and the positive change will ensure we deliver our Vision for 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 ‘sequenced conditionality’
OUR VISION
describes the expectations of our stakeholders and how the business is assessed in terms of creating value for our stakeholders
TRUWORTHS
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.’
OFFICE
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.’
CORE BELIEFS
Each of us has our own personal values, some of which are likely to differ from the Values of our business. While we do not strive to change personal values, we do expect individuals to behave according to the Values of the Group when representing the business.
Ten core beliefs guide our behaviour:
1
Contribute more than you consume and contribute before you consume. We aim to encourage a culture of ‘contribute before you withdraw’ (aligned with the Golden Goose fable).
2
Business is a marathon, not a sprint. We always think long term and although we do take note of and evaluate them, we do not overreact to short-term events.
3
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.
4
It is not what people say, it is what they do. Actions speak louder than words.
5
Do not buy growth in market share at the expense of profit; growth as an objective instead of an outcome is not enduring.
6
Be frugal in good and bad times, but nevertheless invest generously in fashion, stores, our people and our systems in achieving the Vision of our Business Philosophy into the future.
7
In Truworths Africa, the Truworths Emporium always comes first, ahead of our other concepts because it epitomises our Purpose.
8
Always ask, ‘What is the lesson to learn, so it is not repeated?’ You learn from your mistakes.
9
A problem in one area is probably a broader problem, so solve the broader problem, not only the one problem.
10
Nurture our company and our business, what we call the ‘Golden Goose’. We are here to promote the business, not ourselves.
2024
INTEGRATED REPORT