M48, The Glen, Letaba Rd Oakdene
6 Winterhoek Avenue
Johannesburg South
Gauteng
2190
ZA
Galaxy was founded in 1930 by Mr. Icky Kurgan, under the name of I Kurgan & Co (Pty) Limited, a significant supplier to all major jewellery retail chains in South Africa. By 1970 Galaxy became the major supplier of diamond jewellery to the jewellery chain store industry throughout South Africa. The gold price spiked resulting in high commodity prices which resulted in a drop in unit sales forcing jewellery retailers to cut orders dramatically. Kurgan & Co, in an effort to keep the factory production going, responded to this downturn by opening its own retail outlets; Galaxy & Co.
The intention was to fill the factory by putting a diamond ring on every South African girl’s finger and making diamond jewellery accessible to the masses. As Galaxy became a serious retail threat, American Swiss Jewellers (Pty) Limited, then the dominant mass jeweller in the market, closed its manufacturing account with I Kurgan & Co in 1990. This meant that almost all of the manufacturing capacity of the factory was being taken up by the retail side of the business and I Kurgan & Co / Galaxy & Co. had become a fully vertically integrated manufacturing and retail operation.
The Mr Price Group felt that the Galaxy & Co. “value” formula would fit well in the Mr Price Group stable and in early 1996, the Mr. Price Group bought Galaxy from the founding shareholder and Galaxy became a wholly owned subsidiary of Mr. Price.
Galaxy & Co. was awarded the Proudly South African ‘Retailer of the year’ in 2004. In 2005 the incumbent management team purchased the business from Mr. Price.
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