Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
The web-only home goods retailer reports $915 million in revenue for 2013, up 55% from 2012. Key initiatives for 2014 include developing proprietary product lines.
With talk circulating of a possible IPO in its future, Wayfair LLC this week reported record sales results for 2013. The web-only retailer of home décor and furnishings says total online order intake was more than $1 billion in 2013, and that net revenue was $915 million for the year, a 55% increase compared with around $590 million in revenue in 2012.
Order intake is the gross amount of orders placed by customers before cancellations and returns, which is why there is a difference in the two, the retailer says.
The company’s online portfolio of home brands—including modern furniture retailers DwellStudio and AllModern.com, and upscale flash sale brand Joss & Main—experienced steady growth throughout 2013 capped off by a strong holiday season, Wayfair says.
Customers responded favorably throughout the year to new shopping tools it rolled out and deeper content it hosted through partnerships with print magazines like Coastal Living, This Old House and Sunset, Wayfair says. Such new tools include its Inspiration Gallery, which depicts rooms designed by professional decorators and 2,500 interior home photos that customers can click on and shop.
“We were expecting impressive sales growth in 2013 and are pleased to see our model is working to drive increased brand awareness, customer acquisition and retention,” says CEO Niraj Shah. “We are focused on delivering an exceptional shopping experience specifically geared to home goods and will continue to address the unique requirements of this market category with innovation across all aspects of our business.”
Shah told Internet Retailer in late January that privately held Wayfair might consider going public. Key initiatives for 2014 include expanding its lifestyle brand offerings and developing proprietary products.
The merchant, No. 52 in the Internet Retailer Top 500 Guide, now sells more than seven million products from 12,000 brands.