Bed Bath & Beyond buys One Kings Lane
UNION, N.J. — Bed Bath & Beyond has acquired the once high-flying One Kings Lane home furnishings flash sale site for an undisclosed but “not material” price and expects it to become the cornerstone for its furniture and home décor assortment.
In a release, Bed Bath & Beyond CEO Steven Temares said the company has followed “and loved its site since its inception, and we are thrilled for the opportunity to provide them with additional support and exposure to promote and grow their brand.”
The retailer paid cash and said the acquisition, which occurred in its fiscal second quarter was “not material to Bed Bath & Beyond. According to business news reports, the private held. San Francisco-based flash sale site once carried a valuation of nearly $1 billion.
According to Furniture/Today’s E-tailer report in 2015, One Kings Lane did an estimated $300 million in 2014 sales. It restructured and downsized in June 2014, laying off 79 people.
The acquisition is the latest in a series of home furnishings e-commerce and flash sale sites buys, including Hayneedle, which reportedly sold to Jet.com for $90 million after searching for a buyer for at least three years: Fab.com; and Gilt Groupe, which was sold to Hudson Bay earlier his year.
“One Kings Lane will serve as a cornerstone for Bed Bath & Beyond’s growing offerings in furniture and home décor, and together we will be able to do even more for and with our collective customers wherever, whenever and however they wish to interact with us, and to further our mission to be viewed as the expert for the home,” Temares said in the release.
Source from: Furniture Today