Bed Bath & Beyond's seemingly all-encompassing household good offerings will soon be expanded even further. The retailer announced yesterday (June 14) that they will be buying home furnishing seller One Kings Lane.
The deal allows the business based in Union, New Jersey, to further push their corporate pivot toward the furniture and decorations category. BB&B did not disclose how much the deal is going down for, only noting instead that it is "not material" to the company's finances and would be only "slightly dilutive" to its net earnings.
And that is an interesting development in itself, given that One Kings Lane was valued at just south of a billion after a 2014 funding round (its last). It would appear its valuation has taken a hit.
Co-founded by Alison Pincus, wife of Zynga founder Mark Pincus, One Kings Lane specialized in a curated online collection of furniture and home goods.
The firm's design studios were housed in San Francisco and New York. Apart from goods, there are also services on offer: according to Bed Bath and Beyond's statement on the acquisition, One Kings Lane also provides "design inspiration and expert style advice."
"We have followed One Kings Lane and loved its site since its inception, and we are thrilled for the opportunity to provide them with additional support and exposure to promote and grow their brand," Bed Bath & Beyond CEO Steven Temares said in a statement.
"At the same time, One Kings Lane will serve as a cornerstone for Bed Bath & Beyond's growing offerings in furniture and home decor, and together we will be able to do even more for and with our collective customers wherever, whenever and however they wish to interact with us, and to further our mission to be viewed as the expert for the home."
Dinesh Lathi, One Kings Lane CEO, noted that its new partner will allow it "to continue to differentiate our product offerings and refine our point of view to further delight our current and future customers."