{"id":789276,"date":"2024-09-02T16:59:00","date_gmt":"2024-09-02T14:59:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=789276"},"modified":"2024-09-02T17:01:28","modified_gmt":"2024-09-02T15:01:28","slug":"takealot-sells-superbalist","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/789276\/takealot-sells-superbalist\/","title":{"rendered":"Takealot sells Superbalist"},"content":{"rendered":"\n<p>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.<\/p>\n\n\n\n<p>On Monday, 2 September 2024, the Takealot Group announced that it had sold Superbalist the day before to private equity investors.<\/p>\n\n\n\n<p>\u201cThis strategic acquisition will support Superbalist\u2019s ongoing growth, allowing the Takealot Group to dedicate its efforts to further expanding Takealot and Mr D,\u201d the company said.<\/p>\n\n\n\n<p>\u201cBacked by our parent company, Naspers, we are well-positioned to strengthen our market-leading positions in the eCommerce sector.\u201d<\/p>\n\n\n\n<p>In March, <a href=\"https:\/\/dailyinvestor.com\/technology\/46340\/superbalist-for-sale\/#:~:text=Takealot%20is%20looking%20to%20sell,investigating%20the%20sale%20of%20Superbalist.\">Daily Investor reported<\/a> 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.<\/p>\n\n\n\n<p>It is understood that Takealot\u2019s management feels that they are better positioned to compete against Amazon than Shein and Temu.<\/p>\n\n\n\n<p>\u201cWe extend our best wishes to the Superbalist team as they embark on this new chapter in their journey.\u201d<\/p>\n\n\n\n<p>Takealot said that throughout the transition period, Superbalist services will continue to operate without interruption, ensuring customers experience no disruptions.<\/p>\n\n\n\n<p>The company will also continue to provide warehousing and logistics services to Superbalist through a multi-year service agreement.<\/p>\n\n\n\n<p>\u201cThe Takealot Group remains committed to providing exceptional value and service to our customers,\u201d it said.<\/p>\n\n\n\n<p><strong>Background of Superbalist<\/strong><\/p>\n\n\n\n<p>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. <\/p>\n\n\n\n<p>In 2013, it rebranded as Superbalist and became South Africa\u2019s largest online fashion retailer. <\/p>\n\n\n\n<p>Acquired by Takealot in August 2014, Superbalist continued as an independent brand under its existing management. <\/p>\n\n\n\n<p>However, its founders left in December 2019 for The Foschini Group. <\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Read: <a href=\"https:\/\/businesstech.co.za\/news\/business\/788867\/the-metro-known-as-counterfeit-city-in-south-africa\/\">The metro known as \u2018Counterfeit City\u2019 in South Africa<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Takealot has sold its online fashion retailer Superbalist to a South African consortium of retail and private equity investors.<\/p>\n","protected":false},"author":10,"featured_media":789277,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[6914,3314],"class_list":["post-789276","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-superbalist","tag-takealot"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/789276","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=789276"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/789276\/revisions"}],"predecessor-version":[{"id":789280,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/789276\/revisions\/789280"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/789277"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=789276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=789276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=789276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}