Retailer Mr Price says that its proposed purchase of Yuppiechef, a privately-owned South African business focused on home and kitchenware, has been approved.<\/p>\n
Yuppiechef has two primary operations, namely 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.<\/p>\n
“All conditions precedent, including approval by the South African competition authority, have been fulfilled and the acquisition is effective on 1 August 2021, Mr Price said in a statement on Tuesday (20 July).<\/p>\n
Mr Price Group chief executive officer, Mark Blair, said: \u201cWelcoming Yuppiechef into the group is a very exciting moment for us. This gives us the opportunity to serve a new customer base and grow the skills within our group. We share a similar culture and outlook for growth and look forward to taking hold of opportunities together.\u201d<\/p>\n
The Yuppiechef management team will continue to run the business with the full support of the group\u2019s executive team.<\/p>\n
Mr Price originally announced its plans to purchase 100% of Yuppiechef in March. The group said that the purchase would give it the opportunity to gain access to a higher LSM customer base, enabling the growth of its share-of-wallet through \u2018aspirational value spending\u2019.<\/p>\n
The retail group said it would pay approximately 1% of its market capitalisation in the deal, which at the time of the announcement was between R450 million and R500 million.<\/p>\n