Takealot sells Superbalist
Online retail giant Takealot has sold its online fashion retailer Superbalist to a South African consortium of retail and private equity investors led by Blank Canvas Capital.
On Monday, 2 September 2024, the Takealot Group announced that it had sold Superbalist the day before to private equity investors.
“This strategic acquisition will support Superbalist’s ongoing growth, allowing the Takealot Group to dedicate its efforts to further expanding Takealot and Mr D,” the company said.
“Backed by our parent company, Naspers, we are well-positioned to strengthen our market-leading positions in the eCommerce sector.”
In March, Daily Investor reported that Takealot was looking to sell its fashion retailer Superbalist because of increased competition from online Chinese apparel shops Shein and Temu, who started to dominate the online fashion market.
It is understood that Takealot’s management feels that they are better positioned to compete against Amazon than Shein and Temu.
“We extend our best wishes to the Superbalist team as they embark on this new chapter in their journey.”
Takealot said that throughout the transition period, Superbalist services will continue to operate without interruption, ensuring customers experience no disruptions.
The company 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,” it said.
Background of Superbalist
Founded in November 2010 as Citymob by Luke Jedeikin, Claude Hanan, and Daniel Solomon, it quickly gained popularity for its premium products and exclusive experiences.
In 2013, it rebranded as Superbalist and became South Africa’s largest online fashion retailer.
Acquired by Takealot in August 2014, Superbalist continued as an independent brand under its existing management.
However, its founders left in December 2019 for The Foschini Group.
Recently, Superbalist initiated a Section 189 process to restructure due to slower-than-expected growth post-Covid amid the entrance of large players in the market, Wish, Shein and Temu.
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