Kogan.com has acquired Australian furniture and homewares retailer, Matt Blatt, in a deal worth $4.4 million, funded by Kogan’s cash reserves. Matt Blatt is a family-run business founded in 1981. In FY19, the business generated $46.5 million revenue with circa 20% from online.
Kogan.com CEO, Ruslan Kogan said the company is pleased to bring the Matt Blatt brand into new ownership and relaunch the business as an online-only offering.
“Our acquisition of Matt Blatt gives us a springboard from which to expand our reach in the furniture and homewares market,” he said.
“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 around Australia.”
Matt Blatt had three stores in NSW, located in Alexandria, Paddington and Balgowlah. Under new ownership, the business is trading online only with a new look website and its largest product range to date.