South Africa’s retailer Mr Price is spending R450 million to buy online retailer Yuppiechef. Mr Price said it will pay1% of its market capitalisation for Yuppiechef. Mr Price’s market cap before the announcement was almost R47 billion, which means it will buy Yuppiechef for roughly R470 million in cash.
So, what should customers expect?
Yuppiechef respond to its customers.
Hang on — wait. What’s that going to change for customers?
Not much really, We’re still going to be the same Yuppiechef in name and people and the way we work. We’re going to carry on pushing our service levels as high as they can be, from our same offices and warehouse in our corner of Cape Town, with the same awesome people in them.
And we’ll keep bringing you high-quality kitchen and home finds that excite and inspire us and you, and sharing them wherever it suits you best, whether online or in-store.”
Then what does it change for the company?
We’re going to have more support in achieving our vision.
The Mr Price Group believes in what we’re doing now and how we’re doing it, and is giving their backing to help Yuppiechef become an even better version of itself. They have no intention to change the things our customers enjoy about us most – we’ll be keeping our respective brands, target markets and operations separate from those in the rest of the group.
When it comes to things like opening more stores (to give more of you the chance to browse the best of our range in person) and continuously growing our product ranges, we’ll have more help to do bigger and more exciting things.
Our co-founders, Andrew and Shane, will still be leading us, and we’ll have our same teams and managers firmly in place. Some of us have been around for a long time, helping craft the company that Yuppiechef has become, and some of us are privileged to have come more recently to work for a brand that customers have shown so much love to over the past 14 years.
We all take our responsibilities seriously, and are committed to making Yuppiechef the best that it can be.
If you’re one of our customers already, thank you for your support so far, and if you’re not, we’ll keep on trying to win you over.
There’s a lot more good stuff coming!
Where did this story begin?
Yuppiechef was founded in 2006 by two good friends, selling just 32 kitchen products online, from a lounge in Plumstead. More than a decade (and more than a million cards and fridge magnets) later, nearly 200 of us are now working together to help our customers find more moments of joy in their homes.