Multi-channeling is Ezi: retail king nab pure e-tailer for $350m, grows options
|Woolworths has purchased etailer EZibuy for an estimated $350 million, it said yesterday. |
The New Zealand based clothing and homewares sites operates online, catalogues and contact centres across ANZ.
Woolies CEO Grant O Brien said the move was part of its move to grow the multichannels, saying the retail mammoth was "very impressed" with the calibre of EziBuy's business, admitting "we can learn a lot from each other."
"Direct to consumer retail is a critical part of the multi channel option" he said in a statement. Woolworths is also seeking to learn from EziBuy's direct-to-customer logistics at Palmerston North and apply these learnings across its business.
Ezibuy, with over half a million customers across ANZ has a history of profitable growth, recording over NZ$200 million sales over the past financial year.
The transaction is worth around $350m. Ezibuy is owned by founding shareholders Peter and Gerard Gillespie and Catalyst Investment Managers.
|Woolies Penny Winn, Director of Group Retail Services says "the combination of its retail network, EziBuy's direct selling expertise, customer bases will provide a "unique competitive advantage."|
EziBuy Chief Executive, Simon West, the etailer is "delighted to have the backing of Woolworths as we embark on the next phase of our growth."
Woolworths shares rose 0.75% today to $33.76.