Jun '16
"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, Chief Executive Officer and Member of the Board of Directors of Bed Bath & Beyond Inc.
One Kings Lane works directly with home furnishings brands, vintage dealers, designers and tastemakers to offer a curated merchandise assortment. Additionally, they deliver design inspiration and expert style advice. It also offer complimentary interior design services at its two design studios located in San Francisco and New York.
The purchase of One Kings Lane, Inc. did not affect Bed Bath & Beyond Inc.'s fiscal 2016 first quarter ended on May 28, 2016, as the transaction occurred during the fiscal 2016 second quarter. The purchase price was not material to Bed Bath & Beyond Inc., and the Company expects this transaction to be slightly dilutive to its net earnings per diluted share for fiscal 2016, after transaction and integration costs, a company release said.
Temares expressed confidence that One Kings Lane would serve as a cornerstone for Bed Bath & Beyond's growing offerings in furniture and home décor, and together the two entities would be able to do even more for their collective customers “wherever, whenever and however they wished to interact with us, and to further our mission to be viewed as the expert for the home."
Dinesh Lathi, Chief Executive Officer of One Kings Lanes saw in the deal a 'tremendous opportunity' for their customers, as well as 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," he said (SH)
Fibre2Fashion News Desk – India
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