Kogan’s $4.4M Bid for Furniture and Homewares
Kogan has acquired Matt Blatt for $4.4 million. The home and furniture store was established in 1981 and is a 'pioneer' of the online furniture category.
The purchase aims to be a ‘springboard’ into the homeware and furniture market. The company will use Matt Blatt’s industry knowledge of almost four decades and combine it with Kogan’s infrastructure.
“We are pleased to bring the iconic Matt Blatt brand into new ownership, and relaunch the business as an online-only offering. Our acquisition of Matt Blatt gives us a springboard from which to expand our reach in the furniture and homewares market,” said Ruslan Kogan, CEO and Founder of Kogan.
“We will be drawing on Matt Blatt’s decades of industry expertise and combining it with Kogan.com’s technology, systems and infrastructure to deliver a market-leading offering. We look forward to serving and delighting furniture and design lovers all over Australia.”
The company financial performance in FY2019 was $46.5 million in revenue, with 20 to 25 percent of all sales coming from online.
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