MIDVALE, Utah - Beyond, Inc. (NYSE: BYON), the parent company of Overstock (NYSE:BYON) and Bed Bath & Beyond (OTC:BBBYQ), has announced the acquisition of intellectual property and other brand assets of Zulily, the ecommerce retailer known for flash sales. The deal, valued at $4.5 million plus related costs, is aimed at reinforcing Beyond's foothold in the off-price market segment.
According to the company's Executive Chairman, Marcus Lemonis, the integration of Zulily with Beyond's existing brands will enhance the company's market presence and provide customers with greater value. The acquisition includes Zulily's website, social media accounts, customer database, and associated software, but excludes any of Zulily's liabilities.
The move is part of Beyond's strategy to expand its business, improve its margin profile, and grow its customer base. Lemonis highlighted the potential for Zulily to work in tandem with Overstock, offering vendors additional outlets to reach customers at various price points and improve inventory turnover.
The transaction was funded entirely with cash on hand, demonstrating Beyond's liquidity and commitment to strategic growth. The company anticipates that Zulily's integration will contribute to its 24-month revenue goals without adding incremental fixed expenses.
Dave Nielsen, CEO of Overstock, noted that Zulily's website and mobile app are ready to be integrated into Beyond's existing systems, with full functionality expected by the end of Q2 2024. The acquisition is set to expand Beyond's product offerings in furniture, home furnishings, apparel, and more, leveraging the synergies between Zulily and Overstock's off-price business model.
Beyond, Inc. specializes in ecommerce, owning a suite of online shopping brands that attract millions of customers each month. The company's portfolio includes Overstock, Bed Bath & Beyond, and Baby & Beyond, among others.
This press release statement contains forward-looking statements, and the company cautions that these are predictions and may be subject to risks and uncertainties. For more information, Beyond encourages interested parties to consult its filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
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