CSN Stores, the US-based online retailer and operator of 200
niche sites including Cookware.com and BedroomFurniture.com, has
raised $165 million (£103 million) from four private equity
and venture capital firms. The company says it will use the funds
to rebrand as Wayfair.com, expand locally and internationally, as
well as acquire other businesses.
CSN first opened a European office, in Ireland, in 2008 at the
same time as launching CookwareEssentials.co.uk, now trading as
CookwareByCSN.co.uk. Since then, the company established a London
office and opened up in Germany and Australia. Among CSN’s other
UK websites are AllModern.co.uk, FurnitureByCSN.co.uk,
LightingByCSN.co.uk and the flagship CSNStores.co.uk. It is
understood that in the past few months, CSN transferred several
of its top junior executives over to the UK in order to maximise
opportunities on this side of the Atlantic.
Following this recent investment, CSN’s chief executive and
cofounder Niraj Shah, said that the business will now be able to
grow even faster: “Our emerging international businesses
will see more resources, and we’ll be investing in a major
consumer brand launch. Looking ahead four or five years, we think
with the help of our investors, we are on the path to becoming a
much-larger, publicly traded company.” CSN is anticipating
50 percent growth in 2011, and expects to turnover more than $500
million this year.
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