Online retailer Takealot.com is set to merge its online fashion brand, Superbalist, with Media24’s Spree brand to establish an online fashion platform.
Both the brands are currently part of the Naspers group and are operating through separate sourcing and buying, technical, marketing, warehousing and logistics functions.
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The deal will form a single entity and create a more focused online retail, footwear and apparel business platform.
Takealot Group CEO Kim Reid said: “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.”
Media24 will also hold a 51% stake in the new platform, while the remaining will be owned by Takealot Group, which will oversee the day-to-day operations and management of the business.
The merger is scheduled to close on 1 July and is not subject to competition commission approval.
Following the merger, the business will undergo integration planning and implementation for two to three months, while each business will operate independently before final integration.
Media24 CEO Esmare Weideman said: “Media24 believes in and loves e-fashion. Since starting Spree in 2013, we have always said e-fashion 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.”
