Close Menu
TechCentralTechCentral

    Subscribe to the newsletter

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    Facebook X (Twitter) YouTube LinkedIn
    WhatsApp Facebook X (Twitter) LinkedIn YouTube
    TechCentralTechCentral
    • News

      A history of the decoders made by M-Net and DStv

      30 November 2023

      How South Africa’s banks became bakgat

      30 November 2023

      Putin’s daughter pursues digital plan in push to embrace Africa

      30 November 2023

      MTN slashes prepaid data prices: 200GB for R399

      30 November 2023

      Spar confident worst of ERP disaster now behind it

      30 November 2023
    • World

      ‘Go f… yourself’: Musk lashes out at fleeing advertisers

      30 November 2023

      Microsoft to take non-voting position on OpenAI board

      30 November 2023

      Hackers stole customer support data in Okta breach

      29 November 2023

      Orange withdraws from process to buy into Ethio Telecom

      28 November 2023

      Musk’s X hit by advertiser exodus

      27 November 2023
    • In-depth

      Africa has a feature phone problem

      23 November 2023

      Is your ISP monitoring your online activity?

      10 November 2023

      The real Big Brother Africa

      2 November 2023

      Compared: Starlink prices around the world – including Africa

      30 October 2023

      Africa is booming

      30 October 2023
    • TCS

      TCS+ | OneTrust’s Joseph Byrne: privacy risk management done right

      29 November 2023

      TCS+ | Ricoh – safe and secure role in today’s digital ecosystems

      27 November 2023

      TCS+ | NEC XON on going toe to toe with cybercriminals

      22 November 2023

      TCS | How ShotSpotter is fighting gun crime in Cape Town

      13 November 2023

      TCS+ | SOC-as-a-service: CYBER1 SOC and the future of cybersecurity

      13 November 2023
    • Opinion

      Could Cape Town become Africa’s Silicon Valley?

      14 November 2023

      Chris Kruger: What I learnt in my decades in IT leadership

      6 November 2023

      Ransomware attacks: how South African companies should respond

      6 November 2023

      Fibre providers urged to go ‘nano’ to cut costs

      31 October 2023

      Big banks, take note: PayShap should be free

      20 October 2023
    • Company Hubs
      • 4IRI
      • Africa Data Centres
      • Altron Document Solutions
      • Altron Systems Integration
      • Arctic Wolf
      • AvertITD
      • CallMiner
      • CoCre8
      • CYBER1 Solutions
      • Digicloud Africa
      • Digimune
      • E4
      • Entelect
      • ESET
      • Euphoria Telecom
      • iKhokha
      • Incredible Business
      • iONLINE
      • LSD Open
      • Maxtec
      • MiRO
      • NEC XON
      • Next DLP
      • Paratus
      • Ricoh
      • Skybox Security
      • SkyWire
      • Velocity Group
      • Videri Digital
    • Sections
      • AI and machine learning
      • Banking
      • Broadcasting and Media
      • Cloud computing
      • Consumer electronics
      • Cryptocurrencies
      • E-commerce
      • Education and skills
      • Energy
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Metaverse and gaming
      • Motoring and transport
      • Open-source software
      • Public sector
      • Science
      • Social media
      • Talent and leadership
      • Telecoms
    • Events
    • Advertise
    TechCentralTechCentral
    Home » Sections » E-commerce » Mr Price gets green light to buy Yuppiechef

    Mr Price gets green light to buy Yuppiechef

    By Suren Naidoo8 July 2021
    Facebook Twitter LinkedIn WhatsApp Telegram Email

    JSE-listed clothing and homeware retailer Mr Price Group is a step closer to scooping online retail kitchenware pioneer Yuppiechef after the Competition Commission on Thursday announced its backing of the acquisition.

    The Competition Commission said in a statement that it “has recommended that the Competition Tribunal approve the proposed transaction” without conditions.

    “The commission found that the proposed transaction is unlikely to result in a substantial prevention or lessening of competition in any relevant markets. The commission further found that the proposed transaction does not raise any public interest concerns,” it added.

    The commission found that the proposed transaction is unlikely to result in a substantial prevention or lessening of competition

    Durban-headquartered Mr Price first announced the surprise all-cash offer for Cape Town-based Yuppiechef in mid-March. The deal is valued at around R500-million.

    The Competition Commission noted in its statement that while Mr Price is an “omnichannel” retail business, it “sells a small percentage of its products through online sales channels (online stores, the MRP app and Facebook)”.

    “Various Mr Price stores serve a diverse range of customers across all LSM categories. Of importance to the proposed transaction are the activities of Mr Price Group in relation to Mr Price Home and Sheet Street,” said the commission.

    Mass market

    “Mr Price Home is a mass-market homeware retailer that sells a range of contemporary homeware and furniture. Mr Price Home has 183 stores in South Africa. Sheet Street is a homeware store offering a wide range of core and fashion products across the bedroom, living room and bathroom segments. Sheet Street has 322 stores in South Africa,” it added.

    Yuppiechef is a South African retailer, focused on the supply of kitchen and homeware, furniture, and appliances, mainly via its website, the commission said. “Yuppiechef operates seven brick-and-mortar stores, as well as a wholesale division, which develops and imports branded goods, primarily kitchenware, for wholesale distribution to retail customers in South Africa.”

    A privately owned business, Yuppiechef was co-founded by Andrew Smith and Shane Dryden in 2006. In recent years, the company began opening stores at shopping centres as part of a move to transform into an omnichannel retail business.

    The Mr Price acquisition will see the founders remain involved. However, the JSE-listed group has hinted at extending the Yuppiechef store network beyond its current Western Cape and Gauteng presence.

    Yuppiechef will also boost Mr Price’s online retail expansion against the likes of TFG’s upmarket @home chain and pure-play online retailer Takealot.com.

    “The purchase consideration, which represents approximately 1% of market capitalisation, will be settled in cash,” Mr Price said in March.

    “The targeted effective date is subject to the fulfilment of both regulatory and commercial suspensive conditions which includes competition authority approval,” the group added.

    • This article was originally published on Moneyweb and is used here with permission
    Competition Commission Mr Price Mr Price Group MRP Yuppiechef
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email
    Previous ArticleHow to keep crypto from crashing the financial system
    Next Article Nigeria freezes MultiChoice accounts, demands R63-billion

    Related Posts

    A history of the decoders made by M-Net and DStv

    30 November 2023

    ‘Go f… yourself’: Musk lashes out at fleeing advertisers

    30 November 2023

    How South Africa’s banks became bakgat

    30 November 2023
    Promoted

    5G home broadband a big opportunity for African operators

    30 November 2023

    DCA, Huawei and WBBA host Africa Fibre Forum 2023

    30 November 2023

    Accelerate innovation with platform engineering

    30 November 2023
    Opinion

    Could Cape Town become Africa’s Silicon Valley?

    14 November 2023

    Chris Kruger: What I learnt in my decades in IT leadership

    6 November 2023

    Ransomware attacks: how South African companies should respond

    6 November 2023

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2023 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.