Takealot, one of South Africa’s largest e-commerce platforms, has officially sold Superbalist, the online fashion retailer, to a consortium of retail and private equity investors led by Blank Canvas Capital.
Story Summary:
- Takealot has sold Superbalist to focus on expanding its core businesses.
- The new owners, led by Blank Canvas Capital, plan to continue Superbalist’s growth.
- Takealot will still provide logistics and warehousing services to Superbalist during the transition.
Why did Takealot sell Superbalist?
Takealot’s decision to sell Superbalist stems from its strategic goal to focus on its core offerings, specifically the main Takealot platform and its food delivery service, Mr D.
The sale, according to insiders, was part of a broader strategy to streamline operations and concentrate resources on areas with the highest growth potential.
In a statement to MyBroadband, Takealot explained:
“This strategic acquisition will support Superbalist’s ongoing growth, allowing the Takealot Group to dedicate its efforts to further expanding Takealot and Mr D.” The company also expressed confidence in the new owners’ ability to continue Superbalist’s development, adding, “We extend our best wishes to the Superbalist team as they embark on this new chapter in their journey.”
What will happen to the e-commerce site now?
Superbalist will continue to operate under its new ownership, with the consortium led by Blank Canvas Capital taking the reins.
The transition is expected to be smooth, with Takealot committing to provide warehousing and logistics services through a multi-year service agreement.
This arrangement ensures that Superbalist’s operations will remain uninterrupted during the handover.
Blank Canvas Capital and its partners have expressed their commitment to maintaining Superbalist’s position as a leading online fashion retailer in South Africa.
“This acquisition is not just about continuity; it’s about growth,” said a spokesperson for the consortium.
They plan to leverage their retail expertise to expand Superbalist’s market presence and enhance its offerings to South African consumers.
Founded in 2010 as Citymob, Superbalist quickly pivoted to focus on fashion, becoming South Africa’s largest online fashion retailer.
After being acquired by Takealot in 2014, Superbalist continued to thrive, though it faced challenges in recent years, including a restructuring process in 2023 due to slower-than-expected post-COVID growth.
