Bed Bath & Beyond did not disclose the purchase price, but said it was “not material” to its finances.
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But the buzz eventually died down, and One Kings Lane wasn’t able to thrive on its own. The company said the acquisition would be slightly dilutive to its earnings per share for fiscal 2016.
One Kings Lane works with home furnishings brands, vintage dealers and designers to offer merchandise.
After the news broke, One Kings Lane cofounder Ali Pincus (who is married to Zynga cofounder Mark Pincus) tweeted that she was “excited” for the next chapter of her company to unfold. Earlier this year, the company let go of 25 percent of its staff. Brad Thomas, a retail analyst at Keybanc Capital Markets, estimates the young company only saw 3 percent revenue growth last year. The on online furnishing retailer which was once valued nearly $1 billion a couple of years back was bought by Bed Bath & Beyond Inc for a small part of that price.
A spokeswoman from Bed Bath & Beyond said that the deal will help in boosting the furniture and home décor offerings of the company.
An internet decorating store which was appreciated at nearly $1-billion 2 yrs before, one Kings Lane Inc., continues to be offered to get a portion of this cost, the personal organization battling to reside up to and including once-high-flying valuation’s most recent instance.
“This is a tremendous opportunity”, One Kings Lane CEO Dinesh Lathi said in a statement, “to benefit from additional support and resources and gain exposure to new customers”.
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“We look forward to being able to continue to differentiate our product offerings and refine our point of view to further delight our current and future customers”. But flash-sales sites are no longer as popular as they once were and One Kings Lane, similar to many other e-commerce startups, failed to live up to its high-flying valuation.
