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South african retail giant Mr price just announced that it has reached an agreement to buy Yuppiechef in an all cash deal estimated to be around $32 million. 

Yuppiechef which is a kitchenware retail business with online and instore channels of approximately seven stores and a wholesale division, which develops and imports branded goods for wholesale distribution was started as according to a contributor on one of south african leading websites, was “started as a pure e-commerce company and since 2017 has transitioned into an omni-channel retail platform ”.  

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The deal is expected to allow MR Price to target a higher LSM (living standard measure) customer base, and is in line with the brand’s strategic expansion plan in south africa. 

The exact value of the deal has not been disclosed, but Mr Price said the purchase consideration represents about 1% of its R47-billion market capitalisation, or R470-million.

Speaking on the deal, Mr Price CEO Mark Blair said the deal gives Mr Price “the opportunity to access the skills of a highly talented team and to service a new customer base”.

He also noted that “Yuppiechef will benefit from our financial strength to accelerate growth plans, which include significantly broadening the product assortment into areas where we have well-established skills and expanding its physical presence beyond the currently limited number of stores,”. 

The deal, which is still subject to regulatory approval including from the South Africa’s Competition Commission is expected to be concluded in the next coming days.

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