Deacons lists at the NSE

Fashion and lifestyle retailer Deacons East Africa PLC has on tuesday listed 123,558,228 shares on the Nairobi Securities Exchange (NSE) at an offer price of KES 15.00.

The listing will see the chain’s expansion plan grow their annual revenues to KES 6 billion which will be achieved by charting new territories and forging partnerships that will increase their stores to 60 across three countries.

According to Deacons Chief Executive Muchiri Wahome, they have identified Kisumu, Mombasa, Nakuru, Eldoret, Naivasha, Nyeri and Nanyuki as the areas to expand the chain.

“These towns are a vibrant middle class that can be served by diverse brands that are offered under the Deacons umbrella as we pursue opportunities in Rwanda and Uganda” He added.

Deacons plans to expand in the counties by partnering with entrepreneurs through a franchising model.

Related Deacons to list on the NSE

Speaking at the same event, Keroche Breweries Founder and CEO Tabitha Karanja, said that Deacons can effectively growing its brand and can comfortably compete locally and internationally with other brands.

“Today’s listing should catalyse other entrepreneurs to scale their businesses and in turn list, giving other stakeholders a chance to share in their success,” -Tabitha Karanja.

Karanja urged local fashion designers and lifestyle goods producers to take advantage of the window Deacons has opened for local producers.

“Kenyan and East African fashion designers and home accessories manufacturers have the skills to produce high-quality goods that match international standards and at an affordable price. Today’s bell ringing is a call to action for home-grown brands to stock goods at Deacons’ stores across the region,” she said.

Deacons, which now becomes the first fashion retailer to list on the NSE, plans to continue actively looking for trendy and fashionable brands to add to its mix and is committed to adding local brands that fit into this mix.