BY MISHMA CAHAKANYUKA
LEADING retailer, OK Zimbabwe says it has invested more than $3 million in this year’s edition of its OK Grand Challenge Jackpot Promotion.
The company’s commercial director, Albert Katsande told journalists in Harare that their partners had managed to support the promotion despite the challenging trading environment.
This year’s edition of the OK Grand Challenge has 41 distributors supplying 151 products.
The OK Grand Challenge is a big investment that we benefit from as a retail company … That investment has been supported by our supply partners. OK has invested a lot of money in it. All I can say is millions of dollars have been invested. Our advertisements talk about $3 million, but it’s much more than that,” he said.
“(To our) supplier partners, I have no words to thank you for coming through for us at this stage of Zimbabwe’s history. This is one of the most difficult times, but you actually dug deep and came up to support us.”
“We said we were creating an evolution when we launched this promotion, and true to form this has been an evolution as major changes have taken place. The reception from the customers has been great. We are happy our supply partners have come in to support the race.”
The company anticipates sales volumes to grow by between 10% and 20% this year on the back of promotional discounts.
All 64 OK Zimbabwe stores across the country will participate in the promotion which will give 245 weekly winners a chance to walk away with either cash or product prizes. The OK Grand Challenge promotion is expected to end on May 31, 2019 with the grand draw and a jackpot horse race at Harare’s Borrowdale Race Course slated for the following day on June 1.
In the first half of the year to September 2018, OK Zimbabwe reported a 61% increase in earnings per share.
Topline earnings surged 23% in the same period to US$330 million resulting in a net profit of US$8,4 million.