LONDON, October 29-- Today, e-trader group announced its acquisition of Koodos Ltd (koodos.com), one of the UK`s leading discount fashion e-tailers. The deal, involving a part cash, part share consideration for an undisclosed sum, represents the next step in the company`s strategy to become the UK`s leading e-commerce business focused on the fast growing clearance and overstock market.
e-trader group specialises in the clearance and overstock sector by offering retailers and manufacturers access to both the trade and consumer markets via one single easy-to-use online platform. The acquisition of koodos.com adds a designer brand fashion clearance channel to the group`s already existing successful business http://www.stockshifters.com: the UK`s leading trade marketplace for retailers and manufacturers to sell bulk stock (clearance, overstock) to the trade and secondary market.
koodos.com is an award winning online fashion outlet, offering consumers discounts of up to 80%.
Harvey Sinclair, CEO of e-trader group said: "The acquisition of koodos.com is an incredible opportunity for e-trader to enter the attractive consumer market. koodos.com is a well respected and recognised consumer brand, with a large database of loyal customers and strong relationships with over 200 fashion brands. This acquisition enables e-trader to broaden its offering to retailers and manufacturers looking for a more efficient channel for their overstocks and clearance."
e-trader group`s vision is to build on the existing success of koodos.com. Developments are now underway to capitalise on strong brand relationships and the consumers` increasing demand for a good bargain.
Robin Klein, Chairman of koodos.com said: "We are pleased to be joining forces with the e-trader group. The acquisition represents a real opportunity for koodos.com to build on its position as a company offering fantastic brands within the online clearance market. e-trader`s unique expertise and technical capability will help leverage Koodos to continue to grow and develop within the consumer marketplace."
The e-trader marketplace is driven by the availability of secondary market stock (bulk, overstock, and clearance) which in the UK is estimated to be worth cGBP12billion annually. The koodos.com off price market place is estimated to be worth cGBP14billion annually.
Notes to Editors:
About e-trader group
e-trader group, formerly called Business Auctions, a software development company backed by technology VC, Elderstreet, was taken over by Harvey Sinclair in November 2008 as a result of an MBI. It has since been repositioned to focus on the emerging and fast growing clearance and overstock market by leveraging its unique software platform and creating a marketplace strategy.
The group`s main business, stockshifters.com, is an online marketplace for selling secondary items on behalf of vendors, direct to trade buyers. The business acts as a pure intermediary and therefore takes no stock risk and does not provide fulfillment. The business does not take any credit risk because cleared funds are received before any stock is dispatched from the vendor. Stockshifters charge a percentage commission on the value of the stock sold via the site. Sellers include retailers, wholesalers, manufacturers and logistics companies.
Trade Buyers (purchasers) range from small independent traders, typically reselling via online and physical market stalls, through to large distributors and wholesale businesses.
Harvey Sinclair (CEO) - Harvey is a successful entrepreneur with a proven track record in new media, ecommerce, publishing and leisure. Harvey`s first business which he co-founded in 1999, Iris-optical.co.uk, is now one of the UK`s leading online optical e-tailers. Between 2000 and 2006, Harvey founded and grew an online recruitment business from a startup concept (hotrecruit.com) into one of the top 3 online recruitment businesses in the UK, listed on AIM (the hotgroup.com). As part of this growth the business successfully acquired 8 online businesses and led the much awaited consolidation of the online recruitment sector. Harvey led the sale of the business to Trinity Mirror in 2006, for GBP50.5m.
Murray Salmon (Finance Director) - Previously Finance Director / Head of Operations at Net-a-Porter (2000-2004), prior to joining the founding team of Guthy-Renker Europe, the European division of US based direct response TV marketing company.
Historical investors and founders of the e-trader group include Harold Tillman, Chairman of the British Fashion Council and Chairman of Jaeger and Allders of Croydon and Michael Jackson, Founder and CEO of Sage, Founding Partner of Elderstreet and Chairman of Party Gaming.
Launched in 2006 and based in London, koodos.com is the UK`s leading online retailer offering designer brands at very smart prices. Operating with the utmost integrity, koodos.com guarantees that every product it sells is 100% authentic.
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