But losses mount for the home furnishings e-retailer that went public in October.
Redcoon will be acquired by Media Saturn.
Redcoon, one of Germany’s biggest online electronics retailers, is under new management.
This morning, Redcoon, No. 71 in Internet Retailer’s Top 300 Europe, was acquired for an undisclosed amount by Media Saturn Corporate Group, a consumer electronics retailer based in Ingolstadt, Germany.
Redcoon, which has been selling online in Germany since 2003, will operate as a separate Media Saturn subsidiary, the company says. Redcoon sells online in 10 countries and expects to generate revenue of about 402 million euros (US$570.7 million) in 2011, says Media Saturn.
The transaction is subject to regulatory review. Redcoon and Media Saturn didn’t release an anticipated closing date. "Redcoon has prevailed in its strategy and with its customers very successfully,” says Media Saturn co-CEO Rolf Hagemann. "The acquisition gives us access to the pure-player segment in Germany and nine other European countries.”
In addition to Germany, Redcoon also operates web stores for online electronics shoppers in Austria, Belgium, Denmark, France, Italy, Netherlands, Poland, Portugal and Spain. Redcoon has a base of more than 3 million customers and carries an inventory of more than 24,000 products, the company says. "By integrating into the Media Saturn group, our continued growth will be even stronger," says Redcoon CEO Reiner Heckel.
Media Saturn already operates online at MediaMarkt.de, No. 220 in Internet Retailer’s Top 300 Europe. But the acquisition of Redcoon gives Media Saturn access to a bigger online customer base and a deeper inventory. “The company is already an established and reliable player in online retailing and will complement the online activities of Media Markt,” says Hagemann.
The acquisition of Redcoons also gives Media Saturn access to new technology and an updated web design. In February Redcoon launch a redesigned web site with improved features such as advanced search and one-click shopping.