Kim Reid is one of the pioneers of e-commerce in South Africa, and the founder and co-CEO of Takealot.com, one of Africa’s biggest retail websites.
Kim was born in Pretoria on the 26th of January 1970, and later attended the University of Pretoria and UNISA, completing his qualifications as a Charted Accountant. He went on to complete his articles with KPMG then later became a Financial Manager at Sony Music, the Chief Financial Officer and a Director at MultiChoice Africa, the CEO of MWEB, and the CEO of two divisions of MIH Limited.
Kim’s time at MIH saw the Naspers owned group transform their business from a traditional print-based media group in South Africa to an e-media company operating in many markets. Reid was also responsible for MIH’s Internet Africa which included the establishing of Kalahari.net and the expansion and maintenance of other internet businesses in Africa. He was therefore involved in the early stages of the evolution and development of the internet and e-commerce in South Africa.
Takealot was founded in 2010 when Kim closed a transaction, along with Tiger Global Management (a US based Hedge Fund), to purchase the then eight-year-old online retail company TAKE2 which was later renamed and launched as what we know as takealot.com. Takealot offers locally supplied and imported goods such as DVDs, books, music, electronics, games and toys which can be delivered directly to a consumer’s doorstep.
Takealot is one of the leading online retailers in the country and in May of last year it was announced that Tiger Global Management will invest another US$100 million in Takealot, which will support the company’s ongoing growth, expansions and acquisitions. According to Reid, there is a lot of growth potential in South African e-commerce, which currently only penetrates about 1% of the retail market compared to 15% in the US and 23% in the UK. There is a long way to go before we catch up to developed nations which also means that there is a great opportunity to profit in the market in the upcoming years.
Kim is married and has one son. When he’s not spending time running Takealot and making waves in the e-commerce industry, he spends quality time with his family.