Takealot Group has sold its online fashion retailer, Superbalist, to a South African private equity consortium led by Blank Canvas Capital.
The sale, effective from 1 September 2024, signals a major shift for Takealot as it faces growing competition in the e-commerce world.
The decision to offload Superbalist comes after reports emerged in March that Takealot was feeling the heat from global fashion giants like Shein and Temu.
These Chinese retailers have been making waves in the South African market with their vast product selections and competitive prices, putting pressure on local retailers.
While the financial details of the deal haven’t been revealed, it’s clear that this is a strategic move for Takealot Group. Earlier this year, CEO Frederik Zietsman spoke about the tough retail environment and the need for the company to make some strategic changes.
Now that Superbalist is in the hands of a local consortium, all eyes will be on how the brand adapts and competes in South Africa’s fast-evolving online fashion scene.
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