Online Shopping Mega-Site Wayfair Acquires Australian Home Goods Site Buyster.com.au
Wayfair buys rapidly growing e-commerce startup to capitalize on strong marketing opportunity in Australia and extend its global reach
BOSTON, Sept. 20, 2011 /PRNewswire/ -- Following the news of its $165 million in funding and recent rebranding, online home goods giant Wayfair (formerly CSN Stores) today announced that it has acquired Australian online home goods retailer Buyster.com.au. Wayfair already owned 50 percent of the company, but has now purchased the remaining 50 percent stake from technology investment firm, Netus.
Buyster.com.au is a successful e-commerce startup in Australia and is positioned well for rapid expansion with Wayfair's expertise, backing and the largest online catalog of home goods anywhere. Given the online retail opportunity in Australia and $165 million in institutional funding that Wayfair received in June, the time was right for a full buyout.
"In this environment, we see Buyster giving local, selection-seeking consumers of home goods the answer they've been looking for, eliminating the need to tap online outlets outside of Australia for home goods," said Wayfair CEO Niraj Shah. "Buyster already has the largest selection of home goods of any online retailer in Australia. But with our recent buyout and investment plans, we can help grow that product selection exponentially in the next few years, giving Buyster a much larger share of the marketplace."
Buyster offers more than 35,000 items from 600 brands, according to Buyster Managing Director Kylie Little. "We're selling many different styles of furniture for every room in the house, as well as lighting, rugs, items for pets, and most recently, plumbing. With increasing investment from Wayfair, we expect to grow the same way Wayfair has in the U.S., the U.K., and Germany – by offering consumers a vast variety of home goods today, while adding more categories and expanding the categories we're already in moving ahead."
Boston–based Wayfair, which expects to surpass the $500 million mark by the end of 2011, recently began consolidating its 200+ sites, such as Cookware.com, Luggage.com, Strollers.com, and BedroomFurniture.com, into one home goods mega-site, Wayfair.com. The company also operates AllModern.com, which caters to people who prefer the modern design aesthetic, and JossAndMain.com, a flash sale site offering goods at up to 70 percent off during 72-hour sales.
Formerly CSN Stores LLC, Wayfair LLC is the parent company for Wayfair.com, which offers a zillion things home – the largest catalog of home items anywhere, crossing all styles and budgets, and covering 5,000 brands of furniture, lighting, cookware and more. With this massive selection of more than 4.5 million products, chances are good people can find just the right items for their homes. Other sites under the Wayfair umbrella include: AllModern.com, JossAndMain.com, and Buyster.com.au.
Beyond its Boston, MA headquarters, Wayfair has an operations and distribution center in Ogden, UT, and another distribution center in Hebron, KY. Wayfair's international offices are in Galway, Ireland, London, Munich and Sydney.
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