Kogan buys Matt Blatt for $4.4 million
15 May 2020, Written by Matt Ogg
Just four years after buying Dick Smith's online business, e-commerce giant Kogan.com (ASX: KGN) has today purchased another iconic Australian retailer.
This morning the company announced it had purchased furniture and homeware retailer Matt Blatt for $4.4 million, with assets including the group's intellectual property and goodwill.
Matt Blatt had already been around for 25 years when Kogan was established in 2006. While it has traditionally been a bricks-and-mortar business, around 20-25 per cent of its $46.5 million in sales in FY19 were online.
But in late March the furniture group had to close its physical stores due to the COVID-19 pandemic, and now under Kogan's ownership Matt Blatt will become an online-only business. A spokesperson for Kogan has clarified these stores are not part of the transaction.
"We are pleased to bring the iconic Matt Blatt brand into new ownership, and relaunch the business as an online-only offering," says Kogan founder and CEO Ruslan Kogan.
"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.
"We look forward to serving and delighting furniture and design lovers all over Australia."
Business News Australia
Author: Matt Ogg