South African e-commerce platform Takealot has announced the 100 per cent acquisition of online design retailer Superbalist.com.
Superbalist is a curated, design and apparel-centered online retailer, focused on the millennial generation, and was founded in 2010.
HumanIPO reported in May Takealot received US$100 million in funding from Tiger Global Management, to be used for further expansion in South Africa.
Takealot 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.”
Superbalist.com will continue to operate as an independent brand under its current management.
“We’re excited to have aligned with a partner that recognizes our unique culture and supports our vision and enthusiasm wholeheartedly,” said Superbalist managing director Luke Jedeikin.
“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.”