Mr Price appoints Emma  Mashilwane as independent director   

Mr Price Group, one of South Africa’s largest retail companies, has appointed Thetele Emmarancia (Emma) Mashilwane as an independent nonexecutive director, effective Sept. 2, adding an experienced accountant and boardroom executive to the South African retailer’s leadership team. 

Mashilwane is a chartered accountant and registered auditor with experience across financial services, insurance, fast-moving consumer goods, transport and logistics, and real estate. She is the co-founder and CEO of MASA Auditors and has held senior executive and board positions at companies including Clientèle and Tiger Brands. 

Her appointment comes as Mr Price works to build on a strong start to its current financial year while managing investor concerns over its expansion into Europe.

Experienced business leader 

Mashilwane currently serves as a nonexecutive director and committee chair or member at Clientèle Ltd. and Tiger Brands Ltd., where she was lead independent director until 2023. She previously served on the boards of Capitec Bank Ltd., Famous Brands Ltd. and Murray & Roberts Ltd., including as a committee chair or member. 

Her professional work has also earned industry recognition. She was named Businesswoman of the Year at the Association for the Advancement of Black Accountants of Southern Africa’s 2021 Leading Woman Conference and received ABASA’s Entrepreneur of the Year award in 2022. 

Mr Price said a fit-and-proper assessment was completed in accordance with section 6.73 of the JSE Listings Requirements, with the board satisfied with the outcome. The retailer also said there were no adverse matters to report from Mashilwane’s director declaration. 

The appointment comes as Mr Price reports a sharp increase in sales, helped in large part by the acquisition of German value retailer NKD.

NKD deal weighs on shares 

Group retail sales rose 45.3% to R13.1 billion ($810.37 million) in the first quarter, with NKD contributing about R3.8 billion ($235 million) following its first-time consolidation. Excluding NKD, Mr Price’s African retail sales increased 3.2% to R9.3 billion ($575.13 million).  

The acquisition, however, has remained a source of concern for some shareholders. Mr Price agreed to acquire NKD for about R9.6 billion ($593.58 million) in December 2025, funded through a combination of cash and debt. The announcement triggered a sharp selloff in Mr Price shares, with the stock falling more than 13% in the trading session, wiping billions of rand off the retailer’s market value.

The shares have since recovered some ground but remain under pressure. Mr Price’s stock was trading at R213 ($13.17) on Aug. 20, 2025, compared with R168.35 ($10.41) at the time of reporting, a decline of about 21%. 

The retailer has also warned that trading conditions could remain difficult, particularly in apparel, as consumers face pressure from inflation and uncertainty over interest rates. 

“The global macroeconomic environment remains uncertain,” the company said, citing geopolitical tensions, inflationary pressures and weaker consumer confidence. 

Retailer expands board financial expertise

Mr Price is a cash-based omnichannel retailer founded in 1985. Its operations span apparel, homeware, sportswear, financial services and telecommunications, with a presence in South Africa, Central and Eastern Europe and eight other sub-Saharan African countries. The group operates more than 5,000 stores across 10 divisions. 

With Mashilwane joining the board, Mr Price gains a director with financial, audit and governance experience as the retailer balances its expansion plans with the need to deliver sustainable returns to shareholders.