Drip Founder Lekau Sehoana Announces New Company Amid Drip Footwear Liquidation
In a surprising turn of events, Lekau Sehoana, the founder of Drip Footwear, has announced the launch of a new company called Ubuhle Bendalo Investments. This announcement comes against the backdrop of Drip Footwear, one of South Africa’s most recognized sneaker brands, being placed under liquidation due to a R20 million debt.
The High Court in Johannesburg issued a liquidation order after an application by Wideopen Platform, a company specializing in large-scale advertising, claimed that Drip had failed to settle a R20 million bill for advertising services. The financial strain on Drip has become a high-profile case, marking a significant moment in the rise and challenges of a once-celebrated local brand.
Drip Footwear: A Journey From Zero
Drip Footwear, established by Sehoana in 2019, rose to prominence quickly, becoming a symbol of homegrown success. The brand resonated deeply with South Africans, particularly in the township economy, offering stylish, affordable footwear to the masses.
However, Sehoana’s entrepreneurial journey, while filled with achievements, has not been without its difficulties. Following the liquidation announcement, Sehoana took to social media to reflect on the past five years and his future plans:
“With the 5 years we spent building DRIP from zero, we have learnt so much from the experience — from customer service, retail, financial management, distribution, etc.”
This reflection highlights the steep learning curve that came with growing a brand of Drip’s magnitude. Despite the current setback, Sehoana is determined to continue pursuing his entrepreneurial vision.
The Launch of Ubuhle Bendalo Investments
In his social media post, Sehoana shared details about his new venture, Ubuhle Bendalo Investments, which he describes as a diversified investment company. His focus for the future spans several sectors, including fintech, retail, mining, insurance, and property development. His aim is to leverage the lessons learned from building Drip Footwear and apply them to a broader range of industries.
“My ultimate goal has been to go into diversified investments, from short to long term.”
This strategic shift represents Sehoana’s desire to broaden his business portfolio while still nurturing the township economy, an area close to his heart.
Focus on the Township Economy
Sehoana has always been vocal about his commitment to uplifting South Africa’s R900 billion township market, a sector he believes holds untapped potential. His new investment venture, Ubuhle Bendalo, will continue to focus on this vital area.
“With all the experience we gained from being at the best and biggest malls in Africa, I’d like to dedicate a lot of my investments towards the township economy. The R900 billion township market is very big, and it has a lot of potential for new players — especially us, the people who come from there.”
Sehoana’s vision for the future is one of empowerment, mentorship, and partnership. He plans to develop comprehensive skills development programs and create mentorship frameworks to uplift local organizations and entrepreneurs within townships. Rather than competing with existing businesses, he plans to approach the market as an investor with the goal of driving growth.
Press Briefing Announcement
In his post, Sehoana also announced that a press briefing would be held in the coming weeks to provide more information on both the future of Drip Footwear and the next steps for Ubuhle Bendalo Investments.
“For the very first time, we’re going to call a press briefing on all the developments of the past few weeks and update on the future, more specifically of DRIP.”
This press briefing will be critical, as it will likely address lingering questions surrounding Drip’s liquidation, as well as shed light on Sehoana’s ambitious new plans for Ubuhle Bendalo.
A New Chapter: Ubuhle Bendalo Investments
The announcement of Ubuhle Bendalo Investments marks a new chapter in Lekau Sehoana’s entrepreneurial journey. This move signifies his determination to overcome the setbacks Drip Footwear has faced and his desire to make a broader impact on South Africa’s economy, particularly in the townships.
“Ours is to develop comprehensive skills development programs, establish partnerships with local organizations and entrepreneurs, and create a mentorship framework. Tempering into the market not as competitors, but as investors who will help grow the market even further.”
As Sehoana prepares to dive into these new ventures, many will be watching to see how he navigates this pivotal period in his career. Ubuhle Bendalo Investments has the potential to not only build on the success of Drip but also to create meaningful change in South Africa’s economic landscape.
The Road Ahead
While the liquidation of Drip Footwear marks the end of an era for Sehoana’s sneaker brand, it is clear that he remains undeterred. With the launch of Ubuhle Bendalo Investments, he is setting his sights on a diversified future. This new venture could serve as a catalyst for innovation and development, especially within South Africa’s township economy.
As Sehoana continues to evolve as a business leader, his commitment to growth and social impact will no doubt inspire a new generation of entrepreneurs to dream big, even in the face of challenges.
