Takealot sells online fashion retailer Superbalist

Takealot has sold its online fashion retailer Superbalist to a South African consortium of retail and private equity investors led by Blank Canvas Capital.

In March, Daily Investor reported that Takealot was looking to sell its fashion retailer Superbalist because of increased competition from Shein and Temu.

Takealot’s management was concerned about the threat from low-cost Chinese retailers like Shein, Temu, and Wish, who started to dominate the online fashion market.

On Monday, the Takealot Group announced that it had sold Superbalist on 1 September 2024 to private equity investors.

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

Takealot said Superbalist services will continue to operate without interruption throughout the transition period.

Takealot will also continue to provide warehousing and logistics services to Superbalist through a multi-year service agreement.

“The Takealot Group remains committed to providing exceptional value and service to our customers,” it said.

“Backed by our parent company, Naspers, we are well-positioned to strengthen our market-leading positions in the eCommerce sector.”

It is understood that Takealot’s management feels they are better positioned to compete against Amazon than Shein and Temu.