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BL Premium reports that Takealot’s online clothing division, Superbalist, has started a section 189 process to reduce staff as it battles a weak economy and increased competition from clothing retailers.
Parent company Naspers does not disclose the Takealot, Superbalist and Mr D food delivery results individually, but collectively they made a loss of $22m (R417m) in the year to end-March. Naspers said Superbalist grew revenue 11% in rand in the year to end-March and noted it was facing “increasing competition and softening consumer demand”. It also said peers were dropping prices aggressively, putting its profit margin under pressure. TFG has launched its Bash website, which sells clothing and home brands, with in-store pick up and online delivery. On Friday, Superbalist said in an emailed response that its job cuts were not due to TFG’s Bash site. “Business planning is in no way linked to competitor activity. Superbalist has embarked on a process to restructure its business as part of a deliberate shift in its efficiencies and in response to actual business realities,” Superbalist said, adding that it was trying to balance the conflicting realities of saving jobs, while also ensuring its sustainability.
- Read the full original of the report in the above regard by Katharine Child at BusinessLive (subscriber access only)
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