The Mr Price Group has announced that it has entered into an agreement to purchase Yuppiechef.
The acquisition, announced on 15 March, will include both the online portion of the Yuppiechef business, and the seven physical stores operated by the homeware retailer.
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The retailer started as an online retailer in 2006. And while it expanded into physical stores in 2017, it still sees 70% of its turnover from e-commerce.
In the announcement, Mr Price said that the purchase of the company will give it access to a higher customer LSM.
“Within the homeware market, the opportunity to gain access to a higher LSM customer base, enabling growth of its share-of-wallet through aspirational value spending, was identified,” the company said in a statement.
Meanwhile, Mr Price CEO Mark Blair says that the company gives My Price more potential for growth in online retail.
“Yuppiechef gives us another platform to escalate our ambitions in online retail and enables us to be strategically positioned for further growth,” Blair said.
Meanwhile, Yuppiechef co-founder and CEO Andrew Smith says the acquisition will give the company the resources to grow.
“The timing is right for Yuppiechef to move forward with its growth ambitions with a partner who has a shared vision and the resources to help achieve this,” Smith said in a statement.
But the deal will still need to go through regulatory approval. As such, an official date for the acquisition was not given.
The Mr Price Group currently owns Mr Price, Mr Price Home, Mr Price Sport, Mr Price Money, Miladys, and Sheet Street.
Feature image: Memeburn
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