- Online merchant Kogan.com (KGN) has purchased furniture and homewares retailer Matt Blatt for $4.4 million
- Matt Blatt has been a family-run business and Australian furniture icon for almost four decades
- In the 2019 financial year, Matt Blatt reported $46.5 million in revenue, of which 20 to 25 per cent came from online purchases
- But Matt Blatt was forced to close its doors due to COVID-19, and now with Kogan’s ownership, the company will move away from brick-and-mortar stores and operate solely online
- Kogan has started the day off 3.63 per cent higher, trading for $8.86 per share
Online merchant Kogan.com (KGN) has purchased furniture and homewares retailer Matt Blatt for $4.4 million.
Matt Blatt has been a family-run business and Australian furniture icon for almost four decades.
In the 2019 financial year, Matt Blatt reported $46.5 million in revenue, of which 20 to 25 per cent came from online purchases.
But Matt Blatt was forced to close its doors due to COVID-19, and now with Kogan’s ownership, the company will move away from brick-and-mortar stores and operate solely online.
“We are pleased to bring the iconic Matt Blatt brand into new ownership, and relaunch the business as an online-only offering,” Kogan CEO Ruslan Kogan said.
This new purchase will expand Kogan’s reach in furniture and homewares market.
“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,” Ruslan said.
“We look forward to serving and delighting furniture and design lovers all over Australia,” he added.
Kogan has started the day off 3.63 per cent higher, trading for $8.86 per share at 10:00 am AEST.