Kogan gobbles up Dick Smith Online
Kogan today announced the acquisition of Dick Smith’s online retail business. Kogan is the largest online-only retail store in Australia, founded in 2006 and selling everything from TVs to toothpaste.
While the brick and mortar stores will still close, Dick Smith receiver James Stewart is satisfied with the ownership change.
“After a thorough process with multiple bidding parties we are pleased that Kogan is the successful acquirer of the Dick Smith online business,” said Stewart. “As Australia’s largest pure play online retail website, Kogan is a natural and logical owner of the Dick Smith online business and we are particularly pleased that the Dick Smith brand will continue under its stewardship.”
Kogan founder and CEO Ruslan Kogan is enthusiastic about acquiring the business.
“Dick Smith is an iconic Australian brand and we’re thrilled to be able to keep it alive, as well as Aussie owned and run,” said Kogan. “We will invest in building and nurturing the Dick Smith community, and honour the great legacy of this Australian business.”
After announcing on the 25th of February that all physical Dick Smith and Move stores across Australia and New Zealand would close, it seemed there was little hope of a buyer for the business.
“While we received a significant number of expressions of interest from local and overseas parties, unfortunately the sales process has not resulted in any acceptable offers for the group as a whole or for the Australia or New Zealand as standalone businesses,” said Stewart.
Kogan will begin operating the Dick Smith online store on the 1st of June.