Online retailer Takealot.com has acquired 100% of the equity of Superbalist.com, a design and apparel online retailer founded four years ago, reports Tech Central.
In May this year, Takealot announced that it had raised an estimated $100 million from Tiger Global Management. According to Takealot, the acquisition of Superbalist will help it target the so called “millennials” – young people who reached adulthood around 2000.
“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,” Reid said in a statement on yesterday.
“They have a great team and we are going to have fun building the business together.” Tech Central reports that Superbalist will continue to operate as an independent brand under its current management team, with Luke Jedeikin and the managing director. “We are on a rather aggressive growth path and we are going to continue with that,” he said. Those growth plans include expanding into the sub-Saharan African region. Takealot snaps up e-retailer Superbalist [Tech Central]