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News

Kogan acquires Matt Blatt for USD 4.4 mln

Wednesday 20 May 2020 14:51 CET | News

Australia-based ecommerce company Kogan has acquired furniture and homeware company Matt Blatt for USD 4.4 million, moving its activity online.

Facing the COVID-19 pandemic, Matt Blatt commenced a sales process, opting to close the physical stores in late March 2020. Therefore, Kogan purchased the company for USD 4.4 million and re-launched it as an ecommerce business, featuring a larger assortment of products online than it had in the past, Financial Review stated. 

Consequently, Matt Blatt's website has been rebuilt with a selection of 100,000 products. Moreover, Kogan’s shares have more than doubled during the lockdown, from USD 3.89 million on 16 March 2020 to USD 8.78 million in 15 May 2020, as stated by the company’s officials.

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Keywords: Kogan, Matt Blatt, launch, ecommerce, Australia, COVID-19
Categories: Payments & Commerce
Companies:
Countries: Australia
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