Online retailer Takealot Group has sold its online fashion retailer Superbalist to a South African consortium of retail and private equity investors, led by Blank Canvas Capital.
In a statement, Takealot says this strategic acquisition will support Superbalist’s ongoing growth, allowing the firm to dedicate its efforts to further expanding Takealot and Mr D.
While the terms of the deal were not disclosed, the transaction was effective from 1 September.
Once billed among South Africa’s biggest online clothing stores, Superbalist.com has taken a knock over the years, with the retailer posting 7% gross merchant value growth in its annual financial results released in June.
While online retail in SA has witnessed a remarkable ramp-up, reaching R71 billion turnover in 2023, local e-commerce players have been struggling to maintain the peak levels reached during the height of the pandemic.
An additional challenge facing the sector in recent years is the rise of international online retailers entering the local market, shaking up the South African landscape with low-cost products manufactured mostly in China, and free shipping.
These include Temu, Shein, Amazon, Wish, Made-in-China and Sunsky.
“We extend our best wishes to the Superbalist team as they embark on this new chapter in their journey,” says Takealot
“Throughout the transition period, Superbalist services will continue to operate without interruption, ensuring customers experience no disruptions. Takealot will also continue to provide warehousing and logistics services to Superbalist through a multi-year service agreement.
“The Takealot Group remains committed to providing exceptional value and service to our customers. Backed by our parent company, Naspers, we are well-positioned to strengthen our market-leading positions in the e-commerce sector, ensuring continued growth and success for both Takealot and Mr D.”
The announcement comes after Takealot Group CEO Frederik Zietsman recently revealed the group is looking at optimising growth to boost competitiveness for its online platforms, with a focus on further innovating Superbalist’s business model.
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