SYDNEY, AUSTRALIA: Kogan.com Limited has acquired Brosa, one of Australia’s largest on-line luxurious furnishings retailers, out of administration. The deal will see the popular furnishings model keep alive and relaunched stronger than ever with the backing of the Kogan Group.
Details of the acquisition
● Purchase price: $1.5m plus logistics support for thousands of customers with undelivered orders
● Assets purchased: Intellectual property, goodwill and stock, however excluding all leases and different liabilities
● Funding: Funded from the Company’s money reserves
Founded in 2014, Brosa has delivered sensible design-led furnishings with out the price tag. Brosa’s Revenue for FY22 was $75m, which was largely generated online, and the
Brosa community consists of almost 500,000 subscribers.
The Company was backed by enterprise capital investors and had invested tens of millions of dollars in marketing and brand-building, and was recently valued at over $60m.
The acquisition will considerably expand Kogan.com’s share of the on-line furnishings market, and guarantee Brosa and Kogan Group customers can entry nice offers on beautiful furnishings and homewares.
Kogan.com will proceed to function a relaunched Brosa.com.au and can offer to resolve unfulfilled buyer orders, the place Brosa has the product in stock. These customers will be contacted by Kogan.com about preparations inside the approaching weeks.
Kogan.com COO and CFO David Shafer said: “The acquisition of Brosa by Kogan will broaden the on-line furnishings offering of the Kogan Group, offering unprecedented vary and worth to Brosa customers, whereas additionally increasing the vary of furnishings and homewares available to Kogan customers.
We are happy to have the ability to supply a lifeline to Brosa customers, to have the ability to save the Brosa brand, and to relaunch Brosa.com.au very shortly. Following years of funding in brand-building and marketing, Brosa is a well-known on-line furnishings model in Australia, and we’re delighted to have the ability to bring the model inside the Kogan Group.”
Brosa administrator Richard Tucker of KordaMentha said: “Kogan.com was the profitable bidder after greater than 30 events expressed curiosity inside the 2 days following our appointment to Brosa final Wednesday. Kogan.com is a white knight for the enterprise and particularly customers who’re awaiting supply of orders the place the inventory was held by Brosa.
Unfortunately, the Administrators were unable to fulfil these orders due to challenges inside the logistics network. Kogan.com is offering a nice outcome for customers to get their product the place possible and topic to commercial arrangements.”
Kogan.com is a portfolio of retail and services companies that features Kogan Retail, Kogan Marketplace, Kogan Mobile, Kogan Internet, Kogan Insurance, Kogan Travel, Kogan Money, Kogan Cars, Kogan Energy, Dick Smith, Matt Blatt, Mighty Ape and Brosa. Kogan.com is a number one Australian consumer model famend for price management through digital efficiency. The Company is focused on making in-demand merchandise and services extra affordable and accessible.