Fashion retailer Superbalist acquired by consortium led by Blank Canvas Capital
Takealot Group has announced the sale of its online fashion retailer Superbalist to a South African consortium led by Blank Canvas Capital.
Transaction snapshot
Deal value: N/A
Deal multiples: N/A
Deal type: Acquisition
Investors: South African consortium of retail and private equity investors, led by Blank Canvas Capital
The sale, effective from 1 September 2024, aims to support Superbalist's growth while allowing Takealot Group to focus on expanding its Takealot and Mr D businesses.
This move comes as Takealot faces tough competition in the e-commerce sector, particularly from Chinese online retailers like Shein and Temu. The South African e-commerce market is growing rapidly, with online retail sales reaching R71 billion in 2023 and expected to surpass R100 billion by 2026.
Superbalist's services will continue uninterrupted during the transition, with Takealot providing warehousing and logistics support through a multi-year service agreement.
Founded in 2010 as Citymob, Superbalist rebranded in 2013 and became South Africa's largest online fashion retailer. Takealot acquired the company in 2014, but its original founders left in 2019 for The Foschini Group.
Blank Canvas Capital, the lead investor in the consortium, has partners Neil Freeman, JD de Villiers and Darren Roy. Their investment portfolio includes The Courier Guy and Vantage Data Centers.
Takealot Group, backed by Naspers, is well-positioned to strengthen its market-leading position in the e-commerce sector. The company, which includes takealot.com, Superbalist, and Mr D Food, accounts for about 2% of South Africa's overall retail market.
