Empowerment fund gives boutique R34.1 million

The national empowerment fund (NEF) has provided R34.1m in financing for a boutique in Hyde Park, Johannesburg, it was reported on Sunday.

   

"It is a legitimate investment that falls within our mandate, which is to facilitate black economic empowerment," NEF CEO Philiswe Mthethwa was quoted as telling City Press.

   

"This is the first major investment in a business owned by black women. They seek to transform a sector dominated by whites and foreign interests."

   

City Press reported that the owners of the boutique Luminance, businesswoman Khanyi Dhlomo, her mother Venetia and businesswoman Judy Dlamini, had also used R15 million of their own money.

   

According to The Sunday Times, Gauteng Premier Nomvula Mokanyane said she was in "heaven" after visiting the shop, which stocks dozens of designer labels.

   

"Shoes and bags are part of my therapy," Mokonyane was quoted as saying.

   

-Sapa