Takealot.com, South Africa’s fastest growing online retailer, has acquired 100% of Superbalist.com, a curated design and apparel online retailer, focused on the millennial generation, that was founded in 2010.
Takealot.com founder Kim Reid comments: “We are super excited about the acquisition. The millennial generation is deemed to be the most powerful and relevant market on the planet and we have managed to acquire a business run by millennials, focused on millennials. They have a great team and we are going to have fun building the business together.”
Superbalist.com will continue to operate as an independent brand under its current management team, led by MD Luke Jedeikin.
Jedeikin says: “We’re excited to have aligned with a partner that recognizes our unique culture and supports our vision and enthusiasm wholeheartedly. Takealot have built an incredible business. We’ve been admirers for a long time and know they are the best partner to help accelerate our growth. We look forward to unlocking the synergies.”
Takealot.com sells more than 9-million products across 18 departments and, through its acquisition of Mr. D in September 2011, is a leader in last-mile home deliveries. The business recently announced an investment of $100-million led by Tiger Global Management for continued expansion in South Africa and sub-Saharan Africa.