Boston-based online home furnishing retailer Wayfair.com, on the heels of its best quarter to date, has bought an eclectic New York City-based lifestyle retailer as it seeks to create its own product lines and offer new brands.
The purchase of DwellStudio, a catalog and e-commerce retailer with a flagship store in Soho that is known for modern design in home furnishings, is Wayfair.com's first major acquisition.
"We think there's more of an opportunity to have more unique product," Wayfair.com CEO and founder Niraj Shah said. "We don't just have the same item as the next guy."
The addition of unique brands that will be sold on Wayfair.com is the logical next step for a company that is on track to hit $1 billion in sales this year, Shah said. Wayfair.com sales increased by 46 percent in the second quarter compared to the same period a year ago.
By offering specific brands targeted toward specific markets, Wayfair.com will be able to expand its reach and appeal to consumers, he said.
"We want to service all those different customers," Shah said. "It's impossible to do that with one brand that stands for one look."
DwellStudio products, which include furniture, bedding, home accessories and children's furnishings, will combine with Wayfair.com's retail prowess, Shah said.
"The sky's the limit," said Christiane Lemieux, CEO, founder and creative director of DwellStudio.
Wayfair.com was an attractive partner because of their extensive retail logistics system, she said.
"This whole retail landscape is changing daily because of online technology," she said.
Lemieux and her team will also play a large role in Wayfair.com.
"We view it as the best of both worlds," Shah said.
"The customers who have that aesthetic love that brand, and we really thought that the team would be a fantastic addition to Wayfair.com."
DwellStudio will remain a standalone brand, joining Joss & Main and AllModern.com as a Wayfair company.
Financial terms of the deal were not disclosed.
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