Online value department store Kogan has acquired high-end furniture retailer Matt Blatt for $4.4 million.
Under the deal, it will be relaunched as an online-only business.
The move marks Kogan as one to watch in the retail acquisitions space, following its buyout of the Dick Smith online business in 2016.
Family owned since its launch in 1981, Matt Blatt clocked $46.5 million in revenue last year with 25% from eCommerce channels.
The business announced it would be closing its doors in March, due to the COVID-19 pandemic.
Kogan CEO Ruslan Kogan said the acquisition will mark a further move into the design space.
“We are pleased to bring the iconic Matt Blatt brand into new ownership, and relaunch the business as an online-only offering.
“Our acquisition of Matt Blatt gives us a springboard from which to expand our reach in the furniture and homewares market.
“We will be drawing on Matt Blatt’s decades of industry expertise and combining it with Kogan.com’s technology, systems and infrastructure to deliver a market-leading offering.”