Early April furniture and homewares retailer Matt Blatt announced it was looking for a buyer for its business, saying hibernation was just not an option for the company.
Believing things wouldn’t return to normal, the search was on for a prospective buyer and Blatt received multiple offers. Eventually it was Kogan.com that acquired the pioneer of the Aussie online furniture industry.
“We are pleased to bring the iconic Matt Blatt brand into new ownership, and relaunch the business as an online-only offering,” enthuses CEO Ruslan Kogan.
“Our acquisition of Matt Blatt gives us a springboard from which to expand our reach in the furniture and homewares market.”
Matt Blatt was founded in 1981 and has been a family-run business and an Australian furniture icon for almost four decades. The Matt Blatt brand is focused on creating happy spaces and happy experiences.
“We will be drawing on Matt Blatt’s decades of industry expertise and combining it with Kogan.com’s technology, systems and infrastructure to deliver a market-leading offering.”
Kogan.com is a portfolio of retail and services businesses including Kogan Retail, Dick Smith and now Matt Blatt, which was purchased for $4.4 million including intellectual property and goodwill.
“We look forward to serving and delighting furniture and design lovers all over Australia,” concludes Kogan.
Matt Blatt’s financial performance in FY19 reflected $46.5 million of revenue, of which 20 to 25 per cent was online and the website is currently trading as normal.