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Too fashionable for comfort, FINANCIAL MAIL

Too fashionable for comfort, FINANCIAL MAIL, Page 48

New Hyde Park Corner boutique Luminance is embroiled in controversy, not because of any fashion faux pas, but because of how it was funded. The high-end store, which stocks international brands such as Oscar de la Renta, Giorgio Armani and Marc Jacobs, received a R34m loan from the National Empowerment Fund, the state-funded organisation which in May ceased making disbursements and is seeking a recapitalisation. The fund's mandate is to facilitate black economic participation through the provision of both financial and nonfinancial support. It is also supposed to promote a culture of savings and investment among black people.


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