Takealot increased sales by 57% in one year

Naspers has released its financial results for the year to 31 March 2018, which revealed that Takealot has increased its gross merchandise volume (GMV) by 57% over the last year.

GMV is an online retail term which shows the value of items sold by a company over a specific time frame – in this case one year.

This strong growth follows Naspers’ decision to acquire a controlling stake in Takealot for US$74 million in April 2017.

Naspers followed this with another US$128m investment in December 2017 to take the effective stake in Takealot to 96%.

Takealot has a dominant position in the South African online shopping market, and owns Superbalist.com, Mr D Food, and the Mr D courier service in addition to Takealot.com.

Earlier this week, Media24 and Takealot announced that online fashion brands Spree and Superbalist will merge.

Takealot Group CEO Kim Reid told MyBroadband that the two businesses will fall under a new entity, FashionCo, which they will now run.

While Naspers did not reveal how much revenue Takealot generates, industry speculation puts its revenue at around R3 billion to R4 billion per year.

It is further expected that Takealot’s strong growth will continue, and that the company will grow its already strong market share in South Africa.

Now read: Takealot to run new Spree-Superbalist company – FashionCo

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Takealot increased sales by 57% in one year