Jet.com acquires online retailer Hayneedle
Online marketplace Jet, flush with $350 million in funding raised late last year, buys the home furnishings e-retailer.
Online marketplace Jet.com has acquired home products e-retailer Hayneedle Inc., one of the 100 largest web merchants in North America by sales. Terms were not disclosed.
In a Twitter post Friday, Hayneedle said, “We will continue providing the best online shopping experience for our customers as a subsidiary of @Jet.” Another Twitter post linked to an Omaha World-Herald story on Omaha.com that reported on the deal. Hayneedle is based in Omaha, Neb. Hayneedle and Jet.com executives could not be reached for comment Friday.
Hayneedle, No. 95 in the Internet Retailer 2015 Top 500 Guide, had Internet Retailer-estimated 2014 web sales of $404 million, according toTop500Guide.com.
Jet.com in November received $350 million in financing, led by Fidelity Investment, and said there were plans for $150 million more in funding in the near future. Jet said at the time its valuation was at $1 billion.
Jet, launched in July, says it had more than 1 million customers as of mid-October. In December Jet reported sales of $2.7 million on Cyber Monday, the Monday after Thanksgiving, the highest sales day in its short existence.
Jet carries more than 7 million SKUs, including goods from such retail chains as Toys ‘R’ Us Inc. (No. 40 in the Internet Retailer 2015 Top 500 Guide), Barnes & Noble Inc. (No. 47) and Sports Authority (No. 277) selling on its platform. The two top-selling products on Cyber were a PS4 Sony Dualshock 4 controller and Kleenex Ultra facial tissues.
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