Takealot , Naspers' e-commerce giant in South Africa, has sold its online fashion retailer Superbalist to a consortium of South African retail and private equity investors led by Blank Canvas Capital.
The sale marks an exit from fashion for the retail giant as it focuses on its core operations-Takealot.com, its e-commerce platform, and Mr D, its popular food delivery service.
Reports first surfaced in March that Takealot was considering offloading Superbalist in response to mounting competitive pressures in the South African e-commerce landscape.
The entry of global players like Amazon and the aggressive expansion of low-cost Chinese retailers such as Shein, Wish, and newcomer Temu have significantly crowded the market posing a more immediate threat to its business model.
These budget-friendly competitors have not only intensified the competition but have also exploited tax loopholes to import clothing at reduced duties, undercutting local retailers like Superbalist.
