Financial snaps up Superbalist

Read time 1min 30sec

Local online retailer this morning announced the "100% acquisition" of fellow online retailer

"We are super-excited about the acquisition," says founder Kim Reid. "The millennial generation is deemed to be the most powerful and relevant market on the planet and we have managed to acquire a business run by millennials, focused on millennials. They have a great team and we are going to have fun building the business together."

Formerly known as Citymob, Superbalist was founded in November 2010 and unveiled its latest site model in November last year, which coincided with its rebranding.

The company, which brands itself as a "design-centred e-commerce destination", is headquartered in Cape Town, and has warehousing facilities in Johannesburg and Florida, in the US.

The online retailer boasts that it has close to a million registered members and it will continue to operate as an independent brand under its current management team.

"We're excited to have aligned with a partner that recognises our unique culture, and supports our vision and enthusiasm wholeheartedly," says Superbalist MD Luke Jedeikin.

"Takealot have built an incredible business. We've been admirers for a long time and know they are the best partner to help accelerate our growth. We look forward to unlocking the synergies."

Takealot made headlines recently after Tiger Global Management made a $100 million investment in the company, "for continued expansion in South Africa and sub-Saharan Africa".

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