Kogan (ASX:KGN) has acquired Australian furniture and homewares retailer Matt Blatt for $4.4 million.
Matt Blatt’s financial performance in FY19 reflected $46.5m of revenue, of which 20-25% was online.
The furniture retailer has been a family-run business for almost four decades focusing on creating happy spaces and happy experiences.
Kogan CEO Ruslan Kogan said, “We are pleased to bring the iconic Matt Blatt brand into new ownership, and relaunch the business as an online-only offering. Our acquisition of Matt Blatt gives us a springboard from which to expand our reach in the furniture and homewares market.”
Shares in Kogan (ASX:KGN) are trading 3.27 per cent higher at $8.83