South African fashion and homeware retail giant Mr Price’s deal to own high-end kitchenware merchant Yuppiechef has been approved by the Competition Tribunal. The company informed its shareholder that all conditions have been met, now Yuppiechef is officially part of Mr Price Group.
Mr Price CEO Mark Blair said meeting the conditions for the deal “gives us the opportunity to serve a new customer base and grow the skills within our group”.
Mr Price has not disclose the official transaction deal however some media reports it worth R460 Million.
The fashion and homeware powerhouse said the Yuppiechef’s current management squared will continue to run the business with the full support of the group’s executive team.
Yuppiechef was started as a pure e-commerce company in 2006 and since 2017 has transitioned into an omni-channel retail platform.