Bed Bath & Beyond Inc. (NASDAQ: BBBY) said it acquired San Francisco-based home décor startup e-tailer One Kings Lane Inc., in an all-cash deal. “The purchase price was not material,” said Bed Bath & Beyond.
One Kings Lane was founded by Alison Pincus and Susan Feldman in March 2009. The company was reportedly valued at over $900 million in January 2014 when it raised $112 million in a Series E funding round led by Mousse Partners, and was said to have ten million members, before losing momentum during the past two years.
Digital media veteran Alison Pincus, who served as a spokesperson and evangelist for One Kings Lane, previously held digital marketing and business development positions at The Walt Disney Co., NBC and Hachette Filipacchi. Her husband Mark J. Pincus, a serial social-gaming entrepreneur, is best known for founding Zynga, Freeloader, Tribe Networks, and FarmVille, among many others.
The flash sales startup had raised a total of $225 million in venture capital to date, from premier investors including Kleiner Perkins, Institutional Venture Partners (IVP), Tiger Global Management, Greylock Partners, super-angel investors Marissa Mayer (CEO of Yahoo!) and Reid Hoffman (co-founder of LinkedIn, which was sold yesterday to Microsoft for $26.2B), and others.
“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,” said Steven H. Temares, CEO and board member of Bed Bath & Beyond.
“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,” he added.
“We are excited to be part of the Bed Bath & Beyond family,” stated Dinesh Lathi, CEO of One Kings Lane since 2014.
One Kings Lane operates a furniture and home accessories e-commerce platform. It offers a unique collection of select home goods, designer and vintage items, working directly with home furnishings brands, vintage dealers, designers and tastemakers to offer a curated merchandise assortment. The company provides design inspiration and expert style advice. It also provides complimentary interior design services at its two design studios in San Francisco and New York.
Bed Bath & Beyond Inc. is a retailer selling a wide assortment of domestics merchandise and home furnishings which operates under the names Bed Bath & Beyond, Christmas Tree Shops, Christmas Tree Shops andThat! or andThat!, Harmon or Harmon Face Values, buybuy BABY and World Market, Cost Plus World Market or Cost Plus.
Customers can purchase products from the Company either in-store, online, with a mobile device or through a contact center. The company generally has the ability to have customer purchases picked up in-store or shipped direct to the customer from the company’s distribution facilities, stores or vendors.
In addition, the company operates Of a Kind, an e-commerce website that features specially commissioned, limited edition items from emerging fashion and home designers. The company also operates Linen Holdings, a provider of a variety of textile products, amenities and other goods to institutional customers in the hospitality, cruise line, healthcare and other industries. The company is a partner in a joint venture which operates retail stores in Mexico under the name Bed Bath & Beyond. As of February 27, 2016, the company had a total of 1,530 stores. It is headquartered in Union, New Jersey.