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SECONDARY SEGMENT

NON-CYCLICAL CONSUMER GOODS/ HEALTH/ HEALTH MAINTENANCE ORGANISATIONS

LATHI THA’ EYECARE

INTERVIEW

The leading light in SA optometry

INTERVIEW WITH SIBUSISO THABEDE CO-FOUNDER, LATHI THA’ EYECARE LIMITED

Contact Details: tel: +27 (0)47 531 0464, fax: +27 (0)47 531 0663, email: hq@lathitha.co.za, or visit: www.lathitha.co.za Q. Elaborate on how the business was established. A. In November 1989 I opened my first practice in Mthatha. I had intended to open this practice with a partner who when the time came to do this decided not to go ahead. Not one to be defeated, I went ahead to run my practice under a name already registered, S&L Optometrists, to incorporate the partner who fell by the wayside. This was followed by a second practice in Butterworth in 1991. When the first shopping centre in Mthatha was opened, namely Circus Triangle in 1994, I opened my third practice.

BIOGRAPHY The fourth born child in a family of six, Sibusiso Thabede hails from Umlazi, Durban. Born on 1 May 1966 he started school before he was six years old. Studying for a Bachelor of Science degree (BSc) at the University of Zululand, he was expelled as a result of his involvement in politics. He then ventured on to study at the University of Durban and was the first African to graduate in optometry.

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Q. How did the change in the name come about? A. The insights above led me to approach Specsavers in 1998 to join them as a franchisee by converting the practice in Circus Triangle, Umthatha. This was the first practice for the group in a predominantly black area. The store performance was so good that I opened another Specsavers franchise in Kokstad in November 2000. Kokstad was a very difficult market and this venture took three years to break even. In 2002 the S & L Butterworth practice was converted to a Specsavers franchise. The two practices, Circus Triangle & Butterworth, became the top sellers in a predominantly black area. Q. Share some of the challenges with us. A. When the franchisor offered me more stores, I felt I was ready to play a key role within the group and started engaging the group on being a shareholder with a possible board position. The outcome of these discussions were not positive. I then sought to open my own chain of stores, but this would mean having to build a brand. By this time, I was already in discussions with other optometrists, and the concept of a new brand in the optometry industry was already in its embryonic stage.

Q. Tell us more about the name you chose for your company. A. Lathi Tha’ translates as, ‘then there is light’ and is taken from a Nguni proverb about the emerging of the sun. For the many South Africans who have been excluded or marginalised within the professional field, and for the thousands more patients who have been denied access to proper optometric care, Lathi Tha’ shines as a beacon of hope. Founded in 2004, it is the brain child of a number of black optometrists who came together to form a company to benefit from BEE in the health sector, especially the optical sector. Q. Elaborate on the strides Lathi Tha’ has made. A. Having tried to partner with companies in the optical industry without success, the group decided to form our own retail stores. Initially the group comprised 24 black optometrists, however, at present there are only 18 shareholders. The vision of the group is to provide accessibility to basic quality eye care to all communities and build a strong brand that will be seen as a leader in the provision of quality eye care. The success that the group has had bears testimony to its initial vision. The first store under the Lathi Tha’ brand was opened in December 2006, as there was no funding to open this store as a group (Lathi Tha’ Eyecare Limited), I cashed in one of my investment policies and funded this store. I had to pay for the set-up and all related operational costs for the store as well. The second Lathi Tha’ Eyecare store was opened in Mthatha and today continues to be one of the best performers. Stores can be found in Sterkspruit, Cape Town, Port Elizabeth, Polokwane, KwaMashu, Eastern Cape and Queenstown.