By Silvia Nyambura
The East African Community has opened up opportunities for businesses to cross regional borders without a lot of bureaucracies. It has also ensured businesses expand service offerings to other countries in the region. However, the strengthening of the dollar against major regional currencies has posed a challenge especially for companies that deal in imports. Companies must therefore have internal mechanisms for hedging against foreign exchange risk.
This is according to the Deacons Kenya CEO Muchiri Wahome. Deacons is the franchise that manages the Mr. Price Brand among others. The franchise, which began operations in Uganda in 2009, with its first store has today launched 2 new stores in Kampala namely Mr. Price Home and Bossini at Acacia Mall in Kampala.
Addressing media at the event, the company CEO Muchiri Wahome said, “We are honored to continue investing in the Uganda economy. The growth of our brands in this market has revealed there is demand for lifestyle products. This investment is to the extent of Ushs 5.2 billion and is creating an additional 21 jobs. Lifestyle fashion brands are something we are going to continue promoting.
