Bed Bath & Beyond Inc. announced it has acquired One Kings Lane, Inc., an online home décor and design flash sale retailer for an undisclosed sum. One Kings Lane offers a collection of select home goods, designer and vintage items.
One Kings Lane works directly with home furnishings brands, vintage dealers, designers and tastemakers to offer a curated merchandise assortment.
Additionally, they deliver design inspiration and expert style advice. They also offer complimentary interior design services at its two design studios located in San Francisco and New York.
“We have followed One Kings Lane and loved its site since its inception, and we are thrilled for the opportunity to provide them with additional support and exposure to promote and grow their brand,” noted Steven H. Temares, Chief Executive Officer and Member of the Board of Directors of Bed Bath & Beyond Inc. “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.”
“We are excited to be part of the Bed Bath & Beyond family,” stated Dinesh Lathi, Chief Executive Officer of One Kings Lane. “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, Inc. did not affect Bed Bath & Beyond Inc.’s fiscal 2016 first quarter ended on May 28, 2016, as the transaction occurred during the fiscal 2016 second quarter. The purchase price was not material to Bed Bath & Beyond Inc., and the Company expects this transaction to be slightly dilutive to its net earnings per diluted share for fiscal 2016, after transaction and integration costs.