2026 rout sees apparel retailers lose nearly R50bn in market value

Résumé détaillé

Only one stock is up in the year to date, and not by a massive amount …

A total of just under R47 billion has been wiped off the combined market value of the country’s five listed apparel retailers since the start of the year.

This figure is masked by the mini rally seen in SA Inc stocks following the results of both the US midterm elections as well as the local government elections locally. Before that, the decline totalled R60 billion.

Only one of the five, Mr Price Group, has eked out a positive return in the 10 months so far this year.

TFG has led the declines, percentage wise, with a 32% drop since the start of 2026. This is not as bad as the 46% it has been at its low for the year.

The stock was boosted by the news last week that Michael Lewis would step down as chair, as well as a slate of new independent non-executive directors who would be appointed to the board.

Read: TFG under fire over exec pay and lead director Michael Lewis ousted as TFG chair

The actual results have been described as ‘pedestrian’, but there is faint evidence that the turnaround is taking shape.

Its market cap has shed about R9 billion so far this year, with Woolworths and Pepkor both losing around a quarter.

Woolworths has experienced a decline in market cap of over R14 billion.

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