Online retailer Takealot.com has acquired 100% of designer online marketplace, Superbalist, the company announced.<\/p>\n
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.<\/p>\n
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.<\/p>\n
“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.<\/p>\n
Superbalist.com will continue to operate as an independent brand under its current management team, led by its Managing Director Luke Jedeikin.<\/p>\n
“Takealot has built an incredible business. We\u2019ve been admirers for a long time and know they are the best partner to help accelerate our growth,” Jedeikin said.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
The partnership was facilitated through logistics and e-commerce fulfilment platform, ParcelNinja<\/strong><\/a>.<\/p>\n This article was first published on BusinessTech<\/a>,<\/p>\n Takealot.com targets mobile with new site<\/a><\/strong><\/p>\n Takealot now accepts Bitcoin<\/a><\/strong><\/p>\n Takealot founders launch new e-commerce venture<\/a><\/strong><\/p>\nMore on Takealot<\/h3>\n