Entrepreneurship Zone: 09 February 2024 :: South Africa: How Siya Kolisi became a shareholder in a clothing company

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Entrepreneurship Zone: 09 February  2024 :: South Africa: How Siya Kolisi became a shareholder in a clothing company

 


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In 2017, Siya Kolisi, then a rising star in South African rugby but not yet the national icon who would lead the Springboks to two Rugby World Cup victories, walked into the offices of Freedom of Movement (FOM), a young leather bag startup. During the visit, Kolisi’s attention was captured by a new shoe, the Vellie, which the company was about to launch. The shoe, a modern reinterpretation of a traditional South African design, immediately appealed to Kolisi, leading him to offer to appear in the promotional video.

Aided by Kolisi’s involvement, the shoe quickly became the company’s top seller.

Léan Boezaart, FOM’s co-founder and CEO, says Kolisi’s relationship with the company started as a friendship with the founders and evolved from there. At first, FOM gave Kolisi some free products now and again but he never demanded payment for promoting it. “Initially he did everything because he just liked what we were doing,” Boezaart says, adding that Kolisi was keen to explore how he could work with the company on community upliftment projects.

The following year, the company collaborated with the rugby star on a FOM X Kolisi branded green Vellie. A portion of the revenue from the sales was allocated to constructing a rugby field in Zwide, a disadvantaged community in the Eastern Cape where Kolisi was raised. FOM subsequently expanded the Kolisi line to include bags and apparel. By this point, the company had begun paying Kolisi a royalty for each sale in the Kolisi range. Boezaart notes that while the royalty percentage was small, it started to add up to quite a significant amount.

The partnership eventually culminated in Kolisi acquiring an equity stake of about 4% in the business. “Something that’s super important to him is to feel that he’s part of this thing now. With all his other commercial arrangements, people are paying him money to use him and he didn’t want to feel like that here. He wanted to feel like he’s part of it. And he’s still super involved in all our projects,” explains Boezaart.

Towards the end of last year, after Kolisi lifted the winning trophy of the 2023 World Cup in Paris, he joined the French rugby club Racing 92. Boezaart says this ties into FOM’s European expansion plans. He believes Kolisi will play an important role in growing the brand in Europe.



Siya Kolisi next to Freedom of Movement’s Vellies shoes.

 

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DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and sourced from third parties.

 


 

 


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