Woolworths Group is set to acquire a majority 80% stake in online marketplace, MyDeal in a transaction valued at over $240 million.
MyDeal hosts around 1,900 sellers offering more than six million product SKUs with a focus on furniture, homewares and everyday needs. It has more than one million active customers and generated gross transaction value of $260 million in the 12 months to 31 March 2022.
MyDeal will enhance Woolworths Group’s marketplace capabilities, particularly in furniture, homewares and other bulky goods.
Woolworths Group CEO, Brad Banducci said, “The addition of MyDeal to Woolworths Group represents a further step towards delivering a more holistic customer experience in food and everyday needs and materially expands our marketplace capabilities, especially in general merchandise.”
MyDeal founder and CEO, Sean Senvirtne said, “The MyDeal team is excited by the opportunity to partner with Woolworths Group. It will help support the growth of our retail platform by accessing Woolworths Group’s capabilities across ecommerce, supply chain, retail, loyalty and more.”
Senvirtne will continue as CEO of MyDeal and in conjunction with other key management personnel and MyDeal’s broader existing management team will lead the business through its next phase of growth in partnership with Woolworths Group.