South Africa’s online retailer takealot.com,has acquired 100% acquisition of Superbalist.com, a curated, design & apparel centered online retailer, focused on the millennial generation and founded in 2010.
This comes just exactly three months after Takealot raised $100 million from Tiger Global for expansion.
In a statement takealot.com founder Kim Reid said, “We are super excited about the acquisition. The millennial generation is deemed to be the most powerful and relevant market on the planet and we have managed to acquire a business run by millennials, focused on millennials. They have a great team and we are going to have fun building the business together”.
takealot says Superbalist.com will continue to operate as an independent brand under its current management team, led by its Managing Director Luke Jedeikin. It’s acquisition will power takealot.com inventory and reach to add to its more than 9 million products across 18 departments. This inventory was also powered by takealot’s acquisition of Mr. D in September 2011, is a leader in last mile home deliveries.
Superbalist sees the deal as significant. According to Luke,“ We’re excited to have aligned with a partner that recognizes our unique culture and supports our vision and enthusiasm wholeheartedly. Takealot have built an incredible business. We’ve been admirers for a long time and know they are the best partner to help accelerate our growth. We look forward to unlocking the synergies.
The two will doubke down their efforts to take on Naspers’ Kalahari among others.