The e-retailer reports a $126 million net loss, stemming from a $640 million year-over-year increase in spending in the quarter on technology and content ...
Chasing Fireflies is an online-only retailer that sells youth clothing.
HSN Inc. just grew a bit larger. The TV and web retailer says it has bought Chasing Fireflies LLC, an e-retailer specializing in children’s and family clothing. HSN did not say how much it paid for the company.
Chasing Fireflies sells items such as a beach towel that look like a shark, customized apparel and costumes, and traditional garments such as shirts, pants and swimwear.
Chasing Fireflies co-founders Dina Alhadeff, Amy Grealish and Lori Liddle will continue to operate the site, which becomes part of HSN’s catalog division Cornerstone Brands. The Chasing Fireflies brand stays in place, an HSN spokesman says.
“This acquisition will leverage Cornerstone’s strong infrastructure, customer file and digital platform to drive additional growth for the brands,” says Mindy Grossman, HSN CEO. HSN was attracted to Chasing Fireflies because of its unique and proprietary products, customer loyalty and its online expertise, HSN says.
Chasing Fireflies generated approximately $39 million in net sales in 2011, HSN says. Web sales for Cornerstone Brands increased 19.8% to $601.4 million in 2011 from $502.1 million in 2010. HSN is No. 26 in the Internet Retailer Top 500. Chasing Fireflies is No. 348.