Bed Bath & Beyond has purchased home décor retailer One Kings Lane, in an all-cash deal, in a move to grow its furniture and home décor presence.
Steven Temares, CEO of Bed Bath & Beyond, said the company is “thrilled” with the opportunity to provide One Kings Lane with additional support and exposure to promote and grow the 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,” he said.
One Kings Lane offers home goods, designer and vintage items, working directly with home furnishings brands, vintage dealers and designers to offer a curated merchandise assortment. In addition to design inspiration and style advice, the e-commerce company also offers interior design services at its two design studios located in San Francisco and New York.
Dinesh Lathi, CEO of One Kings Lane, 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.”
The purchase of One Kings Lane did not impact Bed Bath & Beyond’s fiscal 2016 first quarter ended on May 28 as the transaction occurred during the fiscal 2016 second quarter, the company said. The purchase price, while not disclosed, was not material to Bed Bath & Beyond, the company said, and it expects the transaction to be slightly dilutive to its net earnings per diluted share for fiscal 2016, after transaction and integration costs.