Luminance is free

2014-09-14 10:00

Businesswoman Judy Dlamini has taken over the debt owed by luxury Hyde Park store Luminance to the National Empowerment Fund (NEF).

She said on Friday she has, “through my private company, acquired all of the outstanding debt associated with the Luminance transaction from the NEF”.

“I have done this as a businesswoman who believes she can position the venture for growth in the South African fashion retail sector.” It is unclear how much debt was outstanding. The NEF lent Luminance R34.1?million, but said some of the debt had been paid.

Dlamini would not answer specific questions, saying “Luminance, as a private company, will not engage further in internal business details that do not involve people who are not shareholders”.

Luminance is owned by Ndalo Luxury Ventures, which is 65% owned by Khanyi and Venetia Dhlomo. Nonduna Investments, which is the Dlamini’s family investment vehicle, owns 15%.

Dlamini did not say which company had acquired the debt, nor did she answer questions about whether this meant she would become a bigger shareholder in Luminance.

Dlamini also sits on the boards of Anglo American and Aspen.

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions. publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.