Earlier this year, Takealot started to look into selling Superbalist due to concerns about competition from low-cost retailers, Temu and Shein.
Takealot Group has announced it sold Superbalist to a South African consortium of retail and private equity investors, led by Blank Canvas Capital. Picture: Superbalist website
The acquisition of Superbalist comes after speculation that Takealot Group will be selling the online fashion retailer due to competition from low-cost Chinese retailers, Temu, and Shein.The statement details that the acquisition will support Superbalist’s ongoing growth, while the Takealot Group will give their undivided efforts to expand Takealot and Mr D.However, Takealot will continue to provide warehousing and logistics services to Superbalist through a multi-year service agreement.
Earlier this year, Takealot started to look into selling Superbalist due to concerns about competition from low-cost Chinese retailers, Temu and Shein.At the time, Temu was offering free shipping services and using coupon discounts to get popular with people in the country. Takealot, owned by Nasper acquired Superbalist in August 2014 from three local entrepreneurs, Luke Jedeikin, Claude Hanan, and Daniel Solomon who founded the online fashion retailer in 2010.
as an interim measure. This follows after the South Africa Reserve Services announced they will be implementing a 45% tariff on imported clothing from low-cost Chinese retailers.on when the appropriate tax will be implemented, its spokesperson, Siphithi Sibeko told The Citizen the implementation is not off the table.
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