In 2019 Yuppiechef was voted “Digital Company of the Year” at the South African National Business awards.
Value fashion and homeware retailer Mr Price announced on Monday that it has entered into an agreement to purchase 100% of the primarily high-end kitchenware seller Yuppiechef.
In November 2020 Mr Price said it intended to invest in growth opportunities in specific segments of the market through both organic and acquisitive growth avenues.
Mr Price CEO Mark Blair said in a statement on Monday that the Yuppiechef deal gives Mr Price the opportunity to access the skills of a highly talented team and service a new customer base.
Yuppiechef was founded in 2006 as a platform for the sale and distribution of aspirational kitchen and homeware brands. The business has two primary operations, namely Yuppiechef Online, the retail division comprising the online platform and physical stores, as well as a wholesale division, which develops, and imports branded goods for wholesale distribution.
It commenced operations as a pure e-commerce company and since 2017 has transitioned into an omni-channel retail platform. In 2019 Yuppiechef was voted “Digital Company of the Year” at the South African National Business awards and “Best Independent Retailer Store Design” at the SA Coucil of Shopping Centres Retail Design & Development awards.
The purchase price, which was not announced in the statement, represents approximately 1% of market capitalisation and will be settled in cash. The targeted effective date of implementation of the deal is subject to the fulfilment of both regulatory and commercial suspensive conditions which includes competition authority approval.
The Yuppiechef management team will continue to run the business with the full support of the Mr Price executive team.
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