In March Mr Price announced its agreement to acquire 100% of kitchen and homewares retailer with Yuppiechef. South Africa’s Competition Tribunal has now approved the deal, which will bring a new segment of wealthier consumers to the Mr Price group.
Yuppiechef, which sells lifestyle kitchen and homeware brands, was founded in Cape Town in 2006 as an online retailer. It opened its first bricks and mortar store in Cape Town’s Tyger Valley Shopping Centre. It has its online retail channel Yuppiechef Online, seven stores in South Africa and a wholesale division, which distributes imported brands.
As such, the acquisition of a high end online retail specialist brings new expertise into the business and also opens up more experience on wealthier (higher LSM) consumers. It also provides a brand with which Mr Price can go into premium malls in markets such as Angola, Kenya and Mauritius.