Takealot sells fashion retailer Superbalist to private equity consortium

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This strategic acquisition will support Superbalist's ongoing growth, allowing the Takealot Group to dedicate its efforts to further expanding Takealot and Mr D.

In March, Daily Investor reported that Takealot was looking to sell its fashion retailer Superbalist because of increased competition from online Chinese apparel shops Shein and Temu, who started to dominate the online fashion market.

While the terms of the deal were not disclosed, the transaction was effective from 1 September 2024.

According to Mail & Guardian, earlier this year, Takealot group chief executive Frederik Zietsman said the company was operating in a tough and competitive retail environment during the year under review.

E-commerce continues to reshape retail in South Africa, with a study from World Wide Worx showing that online retail sales grew 29% to R71bn in 2023. The sector is expected to break the R100bn mark by 2026. The study notes especially strong growth for grocery delivery services.

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Throughout the transition period, Superbalist services will continue to operate without interruption, ensuring customers experience no disruptions. Takealot will also continue to provide warehousing and logistics services to Superbalist through a multi-year service agreement.

Founded in 2011, Takealot — made up of takealot.com, Superbalist and food delivery business Mr D Food — is one of the largest e-commerce businesses in South Africa. It accounted for about 2% of the overall retail market, which is dominated by brick-and-mortar outlets such as Shoprite and Mr Price.

Founded in November 2010 as Citymob by Luke Jedeikin, Claude Hanan, and Daniel Solomon, it quickly gained popularity for its premium products and exclusive experiences.

In 2013, it rebranded as Superbalist and became South Africa’s largest online fashion retailer.

Acquired by Takealot in August 2014, Superbalist continued as an independent brand under its existing management.

However, its founders left in December 2019 for The Foschini Group.

Backed by parent company, Naspers, Takealot is well-positioned to strengthen its market leading positions in the e-commerce sector, ensuring continued growth and success for both Takealot and Mr D.