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Bed Bath & Beyond is slowly making moves to snap up all your favorite independent e-commerce sites.
Last summer, indie fashion and beauty marketplace Of a Kind shared the news that it had been purchased by the mega retailer. Today, almost a full year later, Bed Bath & Beyond announced its purchase of home décor site One Kings Lane in an all-cash deal. The price of the purchase was undisclosed.
It seems like the coupon-happy home goods chain wants to expand its reach with One Kings Lane's loyal fan base as well as gain some style points from the online boutique's home décor expertise, based on this statement from Bed Bath & Beyond CEO Steven H. Temares:
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. 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.
Once valued at $900 million, the past few years have been rocky for One Kings Lane: In January, Racked's sister site Re/code reported that the furniture e-tailer was looking to sell the company in a "fire sale." In the time since, the company has seen layoffs and the departure of a top executive, in addition to the shuttering of its vintage spin-off, Hunter's Alley. Right now, there are quite a few positions open on One Kings Lane's career page.
Update, 6/15/2016: This could be big news for anyone who wants to register at Bed Bath & Beyond in the future, because that's one of the ways the two companies want to collaborate. Here's a statement about the acquisition sent to Racked from Bed Bath & Beyond:
The addition of One Kings Lane supports Bed Bath & Beyond’s overall mission to be able to do more for and with our customers wherever, whenever and however they wish to interact with us, and be known as the expert for the home. One Kings Lane will remain an independent brand under the Bed Bath & Beyond umbrella and will continue to operate their own retail strategy. We will provide additional support and exposure to promote and grow their brand. With the additional support, this prestige brand will be able to continue its efforts to differentiate its product offerings and point of view.
Over time, we believe this relationship will provide us an opportunity to further enhance our gift registry services as well as increase the overall experiential environment of the services and solutions we offer through their design services and Studio locations. We are delighted to be able to partner with such a dedicated and talented group of people.