From the Wires
Strong Global Revenues & Growth for Wayfair.co.uk
By: PR Newswire
Jan. 21, 2013 04:01 AM
LONDON, January 21, 2013 /PRNewswire/ --
Wayfair's global revenue in 2012 totalled £373 million, with 80% growth achieved in the UK alone
Wayfair.co.uk, a market leading UK online retailer of home furnishings has today announced a record year of global revenue and increased growth for its UK subsidiary in 2012. Wayfair.co.uk grew by more than 80% with its sales of everything for the home; from lighting, beds, dining and living room furniture to baby and pet products and more - a selection of over half a million homeware items. Despite the ongoing economic depression affecting many UK-based retailers, Wayfair.co.uk's efficient sales and operational tactics are producing positive yields for the Company.
Overall Wayfair's global revenues grew from £156 million ($250 million USD) in 2009 to more than £373 million ($600 million USD) in 2012.
"Our steadfast growth is an indication of our hard work and unwavering commitment to the online home goods industry within every country in which we operate," said Niraj Shah, Wayfair CEO. "We've set ourselves onto a great pace but there's more scope for further market penetration and expanding our selection of home items even further which are our key objectives in the UK and across our global operations throughout 2013."
In December 2012, Wayfair secured £22 million ($36 million USD) of external funding in addition to the £102 million ($165 million USD) it secured in 2011, qualifying Wayfair as the top venture capital backed internet company headquartered in Boston, United States. The venture capital will be used towards developing its international subsidiaries and its other brands including Joss & Main as well as AllModern, which also has presence in the UK as AllModern.co.uk.
Wayfair is focusing its activities on building the brand, making some core investments in above the line marketing initiatives including commissioning TV ads, set to air nationwide in the US throughout 2013.
"Our long term goal is to make Wayfair the one stop shop for home goods online, create a solid brand and continue to invest in our global operations to exceed our profit and revenue expectations," added Shah.
Wayfair LLC is the parent company of Wayfair.co.uk - an online retailer offering everything for the home. With a massive selection of over 500,000 items for the home, to suit all styles and budgets from over 1,600 leading brands - chances are you'll find just the right item for your home. Other global sites under the Wayfair umbrella include Wayfair.com, Wayfair.de, Wayfair.com.au, AllModern.co.uk, AllModern.com and JossandMain.com.
Headquartered in Boston, Massachusetts, USA, Wayfair employs over 1,200 people globally and was recently named the 28th most valuable private digital company by Business Insider. Wayfair has in total seven business and distribution centres across the United States, the United Kingdom, Ireland, Germany and Australia.
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