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Furniture store Matt Blatt has been acquired by Kogan for $4.4 million, and will now become online-only
Australian online retailer Kogan has acquired furniture company Matt Blatt for $4.4 million.
It comes after Matt Blatt shut its physical stores amid the coronavirus pandemic.
Matt Blatt, under Kogan, will now be an online-only store.
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Aussie online retailer Kogan has acquired high-end furniture company Matt Blatt for $4.4 million.
Matt Blatt was founded in 1981 and remained family-run for nearly 40 years. During the 2019 financial year, it secured $46.5 million of revenue, with around 20 to 25% of it coming from online sales.
In March, Matt Blatt joined the string of retailers that shut their doors during the coronavirus pandemic.
"As creators of happy spaces – and happy experiences – the health and safety of our colleagues, community and customers is our priority. Unfortunately, right now, that means temporarily closing the doors to all our stores, to minimise the spread of COVID-19," Matt Blatt said in a statement at the time.
Now, under Kogan, Matt Blatt has now become an online-only store.
"We are pleased to bring the iconic Matt Blatt brand into new ownership, and relaunch the business as an online-only offering," Kogan CEO Ruslan Kogan said in a statement.
"Our acquisition of Matt Blatt gives us a springboard from which to expand our reach in the furniture and homewares market. 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."
Kogan started in 2006 and has expanded into several markets including mobile, internet, travel, energy and insurance. In 2016 the company bought Dick Smith's online retail business, after the electronics business announced the closure of its more than 360 stores across Australia and New Zealand.
Kogan even branched out to launch a superannuation fund in 2019. "Our mission at Kogan.com is to bring Australians the products and services they need at some of the lowest prices in the market," Ruslan Kogan said in a statement at the time.
"Kogan Super provides a no-frills, low cost, index-based offering with low fees enabling Australians to invest and grow their hard-earned money for the future."
