The web and TV retailer, formerly ShopHQ, grew e-commerce 0.3% in the first quarter.
Blinds.com, which generated web sales of $90 million in 2012, was acquired yesterday by Home Depot for an undisclosed sum. The acquisition gives the chain store retailer more access to the online niche market of build-it-yourself window treatments.
Blinds.com is under new ownership.
The Home Depot Inc., No. 46 in the Internet Retailer 2013 Top 500 Guide, has bought Blinds.com for an undisclosed fee.
Blinds.co, No. 291, grew its sales 23% to $90 million in 2012, according to Top500Guide.com.
Blinds.com sold in part because of the chance to grow under the auspices of a larger organization, says CEO Jay Steinfeld about the deal, announced today. "We're joining forces with The Home Depot because there is a huge opportunity to utilize each other's strengths, take additional share in this category and move even faster toward our vision of making the design, purchase and installation of quality window coverings as easy and affordable as possible," Steinfeld says. "We will continue to build the Blinds.com brand and culture in our own unique way, and we believe The Home Depot is the best partner to help us do this over the long term."
For Home Depot the acquisition of Blinds.com gives the chain store retailer more access to the online niche market of build-it-yourself window treatments. Blinds.com has been building up its niche windows treatment business since 1996 and carries online inventory of nearly 400 SKUs, according to data from Internet Retailer’s Top500Guide.com.
"The acquisition of Blinds.com positions us well for expansion in the quickly growing online window coverings market,” says Home Depot CEO Frank Blake. “In addition, their unique sales and service model is one we hope to learn from as we continue to create even better interconnected retail experiences for our customers."