Retail group Mr Value has moved to buy 100% of Yuppiechef, a privately-owned South African enterprise targeted on house and kitchenware.
Yuppiechef was based in 2006 and is aimed on the distribution of aspirational kitchen and homeware manufacturers.
The enterprise has two major operations – Yuppiechef On-line, the retail division comprising the web platform and 7 shops, in addition to a wholesale division, which develops, and imports branded items for wholesale distribution.
It commenced operations as a pure e-commerce firm and since 2017 has transitioned right into a full retail platform.
Mr Value mentioned that buy will give it the chance to realize entry to a better LSM buyer base, enabling development of its share-of-wallet via ‘aspirational worth spending’.
“We’re very enthusiastic about welcoming the Yuppiechef crew into our household,” mentioned Mr Value chief govt Mark Blair.
“We’re partnering with a market-leading enterprise which has received quite a few awards regarding each e-commerce and shops, and Yuppiechef has a confirmed means to launch private-label classes which have additionally attracted business recognition.”
Blair added that the acquisition will allow Mr Value to service a brand new buyer base.
“Yuppiechef will profit from our monetary energy to speed up development plans which embody considerably broadening the product assortment into areas the place now we have well-established expertise and increasing its bodily presence past the at present restricted variety of shops.
“We have been early adopters of e-commerce in South Africa and our constant funding has actually paid off for us. Yuppiechef provides us one other platform to escalate our ambitions in on-line retail and permits us to be strategically positioned for additional development.”
Mr Value mentioned that the acquisition consideration, which represents roughly 1% of market capitalisation, might be settled in money.
The focused efficient date is topic to the fulfilment of each regulatory and business suspensive situations which incorporates competitors authority approval.
It added that the Yuppiechef administration crew will proceed to run the enterprise with the total help of the group’s govt crew.