Online retailer Takealot.com has acquired 100% of designer online marketplace, Superbalist, the company announced.
Takealot.com is currently cash flush having recently announced an investment of US$100 million led by Tiger Global Management for continued expansion in South Africa and sub-Saharan Africa.
Company CEO, Kim Reid, has set the company an ambitious task of overtaking Naspers owned Kalahari.com, as the biggest e-commerce player in the country within the next year.
“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,” Reid said of the acquisition.
Superbalist.com will continue to operate as an independent brand under its current management team, led by its Managing Director Luke Jedeikin.
“Takealot has built an incredible business. We’ve been admirers for a long time and know they are the best partner to help accelerate our growth,” Jedeikin said.
Superbalist is a popular South African online designer store, which started life and gained most of its popularity as a flash-sales site called Citymob in 2010.
After experiencing rapid growth in the online space in South Africa, the group developed a new strategy to become a fully-fledged online retailer, a goal it reached and celebrated with a full rebranding in September 2013.
In April 2013, Superbalist entered into a partnership with another South African online retailer, Wantitall.co.za, through which it was able to improve its systems, logistics and warehousing facilities.
The partnership was facilitated through logistics and e-commerce fulfilment platform, ParcelNinja.
This article was first published on BusinessTech,