Yahoo Finance The company that owns Kmart and Target just bought Catch.com.au for $230 million
Wesfarmers, the parent company of Kmart, Target, Officeworks and Bunnings, has announced that it has acquired online retailer Catch.com.au for $230 million.
When the sale is finalised, Catch will operate as an independent business unit under the oversight of Kmart Group managing director Ian Bailey.
Wesfarmers managing director Rob Scott said the acquisition would boost Wesfarmers’ and Kmart Group’s digital capabilities.
Bailey indicated Wesfarmers would use Catch’s technology platform and data capabilities to help grow its other retail operations.
"We are excited to work with the Catch team and look forward to leveraging our capabilities to grow the business and accelerate the customer-driven, omni-channel initiatives across Kmart and Target," Bailey said.
Catch.com.au also runs Mumgo, Grocery Run, Brands Exclusive, Scoopon, and The Home.
Alongside Kmart, Bunnings, Target, and Officeworks also fall under the Wesfarmers umbrella.
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Wesfarmers made the announcement on the ASX at 10:05am.
Half an hour later, its share price hit an all-time high of $38.79.
–with AAP
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