Bed Bath & Beyond Acquires One Kings Lane for Undisclosed Sum

June 15, 2016  by in Acquisition, Industry   

The price was not disclosed.

One Kings Lane works directly with home furnishings brands, vintage dealers, designers and tastemakers to offer a curated merchandise assortment. Additionally, they deliver design inspiration and expert style advice. They also offer complimentary interior design services at its two design studios located in San Francisco and New York.

It is unclear how closely San Francisco-based One Kings Lane will be integrated into the Bed Bath & Beyond brand.

"We have followed One Kings Lane and loved its site since its inception, and we are thrilled for the opportunity to provide them with additional support and exposure to promote and grow their brand," noted Steven H. Temares, Chief Executive Officer and Member of the Board of Directors of Bed Bath & Beyond Inc.

Temares continued, "At the same time, One Kings Lane will serve as a cornerstone for Bed Bath & Beyond's growing offerings in furniture and home décor, and together we will be able to do even more for and with our collective customers wherever, whenever and however they wish to interact with us, and to further our mission to be viewed as the expert for the home."

Dinesh Lathi, Chief Executive Officer of One Kings Lane said, "We are excited to be part of the Bed Bath & Beyond family. This is a tremendous opportunity for our customers, as well as our employees and business partners, to benefit from additional support and resources and gain exposure to new customers. We look forward to being able to continue to differentiate our product offerings and refine our point of view to further delight our current and future customers."

The purchase of One Kings Lane, Inc. did not affect Bed Bath & Beyond fiscal 2016 first quarter, which ended on May 28, 2016, because the transaction occurred during the fiscal 2016 second quarter. The purchase price was not material to Bed Bath & Beyond Inc., and the Company expects this transaction to be slightly dilutive to its net earnings per diluted share for fiscal 2016, after transaction and integration costs.

Bed Bath & Beyond Inc. is scheduled to release its fiscal 2016 first quarter financial results after market close on Wednesday, June 22, 2016, followed by a conference call with analysts and investors at 5:00 pm (ET) that day.

It’s possible there will be some clarity around the purchase price when Bed Bath & Beyond reports earnings in July.