US online retailer Wayfair.com has secured $36.3 million
(£22 million) in new equity financing to fuel the growth of
its private-sales website Joss & Main as well as its
international sites, including the UK-based AllModern.co.uk. This
capital is in addition to the £102 million secured in
2011.
In a recent trading statement, Wayfair announced a record year of
global revenue and increased growth for its UK subsidiary. In
2012, Wayfair.co.uk grew by more than 80 per cent through sales of
lighting, beds, dining and living room furniture to baby and pet
products. Further, despite the ongoing economic turbulence,
Wayfair says its UK arm’s “efficient sales and operational
tactics” are producing positive earnings for the company.
Overall Wayfair’s global revenues grew from £156 million
($250 million) in 2009 to more than £373 million ($600
million) in 2012.
To grow the brand in 2013 Wayfair is making investments in
above-the-line marketing activities, including commissioning TV
ads to air nationwide throughout the US.
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