Just when you thought it was safe to go back to the shopping mall, something unusual happens. Mr Price (yes, the clothing company) has gone and done something very out of character for them — the company has decided to acquire (in its entirety) online kitchen tech retailer Yuppiechef.
The move was announced today, in a statement on the Mr Price Group website, though the exact terms of the acquisition were not detailed. All that’s know is that the group will purchase “…100% of the issued share capital of the group of companies comprising the Yuppiechef business”.
Paging Mr Price
And the company has plans for that business. The (mostly) clothing retailer intends to expand on Yuppiechef’s reach, beyond its currently operational online store and seven retail outlets. Mr Price CEO Mark Blair said in a statement, “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.”
He added, “We were early adopters of e-commerce in South Africa and our consistent investment has really paid off for us. Yuppiechef gives us another platform to escalate our ambitions in online retail and enables us to be strategically positioned for further growth.”
Yuppiechef co-founder and CEO Andrew Smith said, “I am excited about our future as a part of the Mr Price Group. They are a business which prides themselves on innovation and growth and we are strategically aligned in our plans. We share similar cultures and values which will make this an easy fit for both parties.”
