Naspers’ two separate online fashion businesses, Spree and Superbalist will be merging to create a “larger, more focused and economically sustainable platform on which to build a substantial online retail, footware and apparel business”
This announcement was made by Media24 and Takelot. The new venture will be held 51% by Media24, Spree’s current shareholders, while Takealot Group will own 49% of the venture. Takealot will be responsible for the day-to-day operations and management of the business.
According to the statement, “There is currently no integration between Spree and Superbalist, both part of the Naspers group, with each business running its own sourcing and buying, technical, marketing, warehousing and logistics functions while primarily targeting a similar, if not the same customer segment and demographic in South Africa.”
The merger is effective on the 1st of July 2018 and is not subject to Competition Commission Approval. The merged entity will undergo a two to three month period of integration planning and implementation during which each business will continue to operate independently before final integration.
“We are very excited about the opportunity to further accelerate the growth of online fashion retail in South Africa. We look forward to welcoming Spree into the Takealot Group,” said Kim Reid, Takealot Group CEO.
“Media24 believes in and loves efashion. Since starting Spree in 2013 we have always said efashion is a very important growth portfolio to ensure a diversified and sustainable future for Media24. That is why we are delighted to be the majority shareholder in the combined business,” said Esmare Weideman, CEO of Media24.
