Tech giant Samsung has reported its lowest quarterly profit in eight years this week an indicator to the weakened global economy to hit PC…
The news was announced late Monday, and will see the two companies — both part of the Naspers group — mesh operations and eventually brand identity.
“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 companies wrote in a joint release.
“Merging the two businesses into a single entity will create a larger, more focused platform on which to build a substantial online retail, footwear and apparel business.”
The new company will see 49% held by Superbalist’s current owner Takealot, and 51% by Spree’s shareholders Media24. Takealot however will be in charge of logistics and day-to-day operations within the business.
“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,” Takealot CEO Kim Reid said in a statement.
The merger will be in effect from 1 July.