Flash sale site LuxeYard acquires LeatherGroups.com
Furniture Today Staff -- Furniture Today, May 9, 2012
LOS ANGELES — Luxury consumer goods flash sale site LuxeYard has agreed to acquire LeatherGroups.com, the online division of Solana Beach, Calif.-based furniture retailer HomeLoft.
Terms of the deal were not disclosed.
Braden Richter, CEO of LuxeYard, said in a press release that the company has created an acquisitions team, to be based in LuxeYard's New York office. The company said it is pursuing several other potential acquisitions as part of its effort to consolidate the flash sale category.
Jerry Wilkerson, now the chief technology officer with LuxeYard, created LeatherGroups.com in 2002. The site was the first to specialize in sales of leather furniture on the Internet and offers clearance pricing on discontinued styles of leather sofas, loveseats, chairs and ottomans, according to LuxeYard.
LuxeYard will assume all assets of LeatherGroups.com, including its inventory, customer lists and domain names, including SofaGroups.com and PatioFurnitureGroups.com.
"LeatherGroups is the perfect complement to our core home furnishings flash sale business and demonstrates our ability to make the strategic acquisitions necessary to achieve our long-term objectives," said Tony Winders, executive vice president of revenue at LuxeYard. "Not only does the acquisition add to our top line revenue, it extends the reach we can deliver to our suppliers and provides a wider selection of quality furniture at the best prices for our members."
- Sep 12, 2012
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