The Competition Commission has given the go-ahead to Mr Price’s planned purchase of Yuppiechef, a privately-owned South African business focused on home and kitchenware.
The regulator has recommended that the Competition Tribunal approve the proposed transaction without conditions, it said in a statement on Thursday (8 July).
It found that the proposed transaction is unlikely to result in a substantial prevention or lessening of competition in any relevant markets. It further found that the proposed transaction does not raise any public interest concerns.
In March, Mr Price announced its plans to purchase 100% of Yuppiechef. Yuppiechef was founded in 2006 and is aimed at the distribution of aspirational kitchen and homeware brands.
The business has two primary operations – Yuppiechef Online, the retail division comprising the online platform and seven stores, as well as a wholesale division, which develops, and imports branded goods for wholesale distribution.
It commenced operations as a pure e-commerce company and since 2017 has transitioned into a full retail platform.
Mr Price said that purchase will give it the opportunity to gain access to a higher LSM customer base, enabling the growth of its share-of-wallet through ‘aspirational value spending’.
“We are very excited about welcoming the Yuppiechef team into our family,” said Mr Price chief executive Mark Blair.
“We are partnering with a market-leading business which has won numerous awards relating to both e-commerce and stores, and Yuppiechef has a proven ability to launch private-label categories which have also attracted industry recognition.”