In its second-largest acquisition, Amazon buys the company for $970 million.
The merchant, which also sells baby goods, will move to the New York Stock Exchange.
Wedding products retailer The Knot Inc. soon will have a new name. Effective June 28, the company will become XO Group Inc., the retailer says.
The Knot, an e-retailer and media company that operates TheKnot.com and WeddingChannel.com, also will transfer to the New York Stock Exchange from the Nasdaq Stock Market and trade under the new symbol XOXO; the sequence, when found at the end of a letter, e-mail or text, usually means “hugs and kisses.” The retailer will stop trading under the KNOT symbol on Nasdaq on Monday.
“Our new company name will be the perfect umbrella for all of our brands in the wedding, nesting and baby life stages served by our media, products and services,” says CEO David Liu. “We are especially excited to be introducing our new name at the same time as we list our shares on the world’s largest and most renowned stock exchange under our new symbol XOXO.”
The Knot, No. 352 in Internet Retailer’s Top 500 Guide, has reported drops in online merchandise sales for the last three quarters. For the quarter ended March 31, the retailer said online merchandise revenue was $5.7 million, a 17.4% decline from $6.9 million for the same quarter a year ago.