Bed Bath & Beyond Acquires One Kings Lane
Posted on June 16, 2016
Bed Bath & Beyond has announced the acquisition of One Kings Lane, an online home decor retailer. It was an all cash transaction. The One Kings Lane ecommerce site continues to operate independently.
The exact amount is not known. Bed Bath & Beyond states in a release that the "purchase price was not material." TechCrunch reports that there were some rumors that One Kings Lane could sell for as low as $150 million. This is a big drop in price for One Kings Lane which CNN/Money says had a valuation of $900 million at its peak. The company raised $225 million in financing in 2014.
Bed Bath & Beyond CEO Steven H. Temares says in the announcement, "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. At the same time, One Kings Lane will serve as a cornerstone for Bed Bath & Beyond's growing offerings in furniture and home décor, 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."
One King Lane CEO Dinesh Lathi says, "We are excited to be part of the Bed Bath & Beyond family. This is a tremendous opportunity for our customers, as well as our employees and business partners, to benefit from additional support and resources and gain exposure to new customers. We look forward to being able to continue to differentiate our product offerings and refine our point of view to further delight our current and future customer."
One Kings Lane can be found at: onekingslane.com. The site features looks of the day, designer spotlights and current obsessions. You can also meet with a designer through The Studio at One Kings Lane.
Update 5-1-2020: One Kings Lane has since been sold by Bed Bath & Beyond according to a report in Architectural Digest