Beyond, Inc. Acquires Ecommerce Pioneer Zulily, Supercharging its Off-Priced Business
07 Março 2024 - 9:30AM
Beyond, Inc. (NYSE: BYON), owner of online retail giants Overstock
and Bed Bath & Beyond, today announced the acquisition of the
intellectual property and other brand assets of Zulily, the flash
sale pioneer and ecommerce retailer. This strategic move was
designed to further strengthen Beyond's position in the off-price
market, enhancing value for customers on the products they’re
looking for. The addition of Zulily will complement Beyond’s suite
of brands, including Overstock, which is scheduled to relaunch
later this month.
“This acquisition doubles down on our belief in the off-price
market, and its importance to building our business, improving our
margin profile, and growing our customer file,” said Marcus
Lemonis, Executive Chairman of Beyond, Inc. “Zulily, in combination
with our legacy brand, Overstock, will provide our vendors multiple
outlets that, not only meet customers at various price points, but
also offer an additional outlet to improve their inventory turns
and financial performance.”
As part of the transaction, Beyond, Inc. acquires certain
intellectual property assets related to the Zulily brand, including
website and domain names, trademarks, tradenames, customer
database, social media accounts, software to run the Zulily
website, and goodwill associated with the brand. The transaction
excludes all of Zulily’s liabilities, liens, and debts. Pursuant to
Beyond’s asset purchase agreement, the Company purchased the assets
for $4.5 million plus acquisition-related costs, funded entirely
with cash on hand.
“This acquisition marks a strategic step forward in the
transformation and long-term growth of Beyond,” said Lemonis.
“We’re excited about the global vendor pool this acquisition opens
the door to, driving incremental revenue by reengaging Zulily’s 18
million customers as well as the existing Beyond customer database
with significant synergies across product categories,” said
Lemonis.
The new Zulily site is expected to be fully functional by the
end of Q2 2024 and contribute to Beyond’s 24-month revenue goal
without adding any additional incremental fixed expense.
“Bringing the trusted Zulily brand into our asset-light business
model allows us to offer furniture and home furnishings, apparel
and footwear, jewelry and watches, among other categories that are
also core competencies of our off-price Overstock business with
flash sale deal pricing,” said Dave Nielsen, CEO of Overstock. “The
ramp with Zulily is simple, as the website and mobile app are
already built and available in the Shopify environment. We will be
able to integrate it seamlessly into our back-end systems for order
fulfillment, logistics, and operations to be handled by our
existing teams.”
About BeyondBeyond, Inc. (NYSE:BYON), based in
Midvale, Utah, is an ecommerce expert with a singular focus:
connecting consumers with products and services that unlock their
homes’ potential. The Company owns Overstock, Bed Bath &
Beyond, Baby & Beyond, and other related brands and associated
intellectual property. It’s suite of online shopping brands feature
millions of products for various life stages that millions of
customers visit each month. Beyond regularly posts information
about the Company and other related matters on the Newsroom and
Investor Relations pages on its website, Beyond.com.
Beyond, Bed Bath & Beyond, Welcome Rewards, Overstock and
Overstock Government are trademarks of Beyond, Inc. Other service
marks, trademarks and trade names which may be referred to herein
are the property of their respective owners.
Cautionary Note Regarding Forward-Looking
StatementsThis press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Such forward-looking statements include all statements other than
statements of historical fact, including but not limited to
statements regarding the impact of the acquisition and the Zulily
brand on our business; the relaunch of Overstock; the launch of the
new Zulily site; our future actions, growth, strategy, or
performance, including with respect to revenue, margin profile and
customer profile. Additional information regarding factors that
could materially affect results and the accuracy of the
forward-looking statements contained herein may be found in the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2023, filed with the SEC on February 23, 2024, and in
our subsequent filings with the SEC.
Beyond, Inc. Communications:Sarah
Factorpr@beyond.com
Beyond (NYSE:BYON)
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