Target and Toys R Us posted overall sales declines during the holidays.
The acquisition allows the U.K.-based greeting card retailer to expand into other countries.
Moonpig.com, an online retailer of personalized greeting cards based in the United Kingdom, is now the property of digital photo service Photobox. Moonpig sells more than 12 million greeting cards annually and recently expanded its offerings to include mugs, T-shirts and bottles.
Under the terms of the acquisition agreement announced last week, Photobox paid 120 million pounds ($195.41 million) for Moonpig. Senior management for both groups will remain in the expanded company, says Photobox, which sells online in more than a dozen European countries.
Having a new parent company with a bigger European customer base will allow Moonpig, No. 180 in the Internet Retailer Top 300 Europe, to take its core greeting card product to countries where the card retailer would have had difficulty setting up a standalone business, says Moonpig founder and chairman Nick Jenkins.
PhotoBox is part of the Photoways Group, which includes France-based Photoways. Photoways has 8.5 million members. Moonpig has offices and printing facilities in the U.S., the U.K. and Australia.