Jet buys home furnishings e-retailer Hayneedle
- Online marketplace Jet.com has acquired Hayneedle, a home furnishings e-retailer with an estimated $404 million in revenues in 2014.
- Jet recently attracted $350 million in venture capital in a financing round led by Fidelity Investment, valuing the Amazon challenger at more than $1 billion.
- The move positions Jet against household e-commerce leader Wayfair, parent of the Wayfair.com, Joss & Main and Dwell Studio brands.
Jet.com is branching out from its role as a marketplace for essentials such as laundry detergent and paper towels. The company has acquired Hayneedle.com, a leading e-commerce site dealing in home furnishings. The financial terms were not disclosed.
Hayneedle ranks among the top 100 web merchants in North America, according to Internet Retailer’s annual rankings. The company promised to “continue providing the best online shopping experience for our customers as a subsidiary of @Jet” in a tweet.
Hayneedle logged an estimated $404 million in sales in 2014; upstart Jet achieved a valuation of more than $1 billion in November after a $350 million financing round.
Jet’s goal is to provide Amazon with real competition in the marketplace space, and adding an array of furniture and household goods is a step in that direction. While Jet offers some 7 million products, it has so far emphasized CPG essentials such as facial tissues and snack foods.
- Internet Retailer Jet.com acquires online retailer Hayneedle