Spree and Superbalist have confirmed that the Spree brand will fall away and fold into the Superbalist brand.
MyBroadband reported earlier today that Spree will become a part of Superbalist in October 2018.
The companies stated that the combined business will be positioned as “the largest player in South African online fashion”.
“With ecommerce continuing its strong growth trajectory in South Africa, the merger will create a serious challenger to brick and mortar retailers,” said the company.
The Takealot group owns 49% of the new business and has management control, it added.
The announcement follows a statement in June from Media24 and Takealot, informing stakeholders that Spree and Superbalist will merge.
Takealot Group CEO Kim Reid told MyBroadband at the time that the two businesses will fall under a new entity, FashionCo.
Takealot said it predicts double digit year-on-year growth for the merged entity, and Luke Jedeikin and Claude Hanan – the current co-CEOs of Superbalist – will continue in their current positions.
“The new business will remain truly customer-focused and forward-thinking, and is now able to compete head-to-head with current larger brick and mortar competitors,” they said.
“We’ll offer all available payment options and an exceptional online shopping experience with robust logistics.”
All Spree customers will automatically be migrated to the Superbalist platform with the new business honouring all purchases, warranties, returns, and refunds.