US-based Bed Bath & Beyond has acquired online retailer One Kings Lane in an all-cash deal.
The acquisition price has not been disclosed.
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One Kings Lane works with home furnishings brands, vintage dealers and designers to offer merchandise, and provides complimentary interior design services at its two design studios in San Francisco and New York.
Bed Bath & Beyond CEO and member of the board of directors Steven H Temares said: "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."
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One Kings Lane CEO Dinesh Lathi said: "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 customers."
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By GlobalDataBed Bath & Beyond expects this deal to be slightly dilutive to its net earnings for each diluted share for the current fiscal year.
