Wayfair Acquires DwellStudio
Wayfair is an online furniture retailer that sells products for the kitchen, bedroom, patio, bathroom, etc. The company announced on Friday that they have acquired a home furnishings company based in New York called DwellStudio. Based in Boston, Wayfair will now own DwellStudio’s retail store in New York’s SoHo district.
Wayfair chief executive officer Niraj Shah said that this deal will the company appeal to a higher-end demographic.
“We want to be the dominant guy in home goods,” stated Shah in an interview with the WSJ. “We want to have more and more proprietary goods and this is a good step in that direction.”
Wayfair’s revenues hit $600 million in 2012 and they are expecting to jump to around $1 billion this year. DwellStudio has around $15 million in sales. Wayfair raised $36 million late last year and $165 million in 2011. The company plans on eventually going public.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry