Company strategically doubles down on affordable housing and lifestyle division
MIDVALE, Utah, March 7, 2024 (GLOBE NEWSWIRE) — Beyond Inc. (NYSE: BYON), owner of online retail giant Overstock and Bed Bath & Beyond, today announced that it has acquired Zulily's intellectual property and Announced acquisition of other brand assets. , a flash sale pioneer and e-commerce retailer. This strategic move was designed to further strengthen Beyond's position in the off-price market and increase the value of the products customers are looking for. The addition of Zulily will complement Beyond's suite of brands, including Overstock, which is scheduled to relaunch later this month.
“This acquisition doubles down on our belief in the off-price market and its importance in building our business, improving margins and growing our customer file,” said Marcus Lemonis, Beyond's executive chairman. “I will.” Combined with our legacy brand, Overstock, our vendors have multiple outlets to serve customers at different price points, as well as additional sales that improve inventory turns and financial performance. A store is also provided. ”
As part of the transaction, Beyond, Inc. will acquire the website and domain names, trademarks, trade names, customer database, social media accounts, software that operates the Zulily website, and branding. This transaction is exclusive of all of Zulily's debts, liens and encumbrances. Pursuant to Beyond's asset purchase agreement, the Company purchased the assets for his $4.5 million, plus acquisition-related costs, financed entirely with cash on hand.
“This acquisition marks a strategic step in Beyond's transformation and long-term growth,” Lemonis said. “This acquisition opens up a global vendor pool, with significant synergies across product categories that will drive revenue growth by re-engaging Zulily's 18 million customers and existing Beyond customer database. We are excited to be promoted,” said Lemonis.
The new Zulily site is expected to be fully operational by the end of Q2 2024 and contribute to Beyond's 24-month revenue goals without adding any additional fixed costs.
“By incorporating the trusted Zulily brand into our asset-light business model, we are offering flash sales of furniture and home furnishings, apparel and footwear, jewelry and watches, among other core categories of our off-price overstock business. We will now be able to offer it at transaction prices,” said Overstock CEO Dave Nielsen. “Deploying Zulily is simple because the website and mobile app are already built and available in the Shopify environment. It seamlessly integrates with your backend systems to manage order processing, logistics, and operations within your existing team. We will be able to process it.”
About Beyond
Beyond, Inc. (NYSE:BYON) is a Midvale, Utah-based e-commerce specialist focused on connecting consumers with products and services that unlock the potential of their homes. We own Overstock, Bed Bath & Beyond, Baby & Beyond and other related brands and related intellectual property. This family of online shopping brands has millions of products for different life stages and is visited by millions of customers every month. Beyond periodically posts information about the Company and other related matters on the Newsroom and Investor Relations pages of our website, Beyond.com.
Beyond, Bed Bath & Beyond, Welcome Rewards, Overstock, and Overstock Government are trademarks of Beyond, Inc. Other service marks, trademarks, and trade names referenced herein are the property of their respective owners.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, without limitation, all statements other than statements of historical fact. Statement regarding the impact of the acquisition and the Zulily brand on our business. Overstock reboot. Launch of new Zulily site. our future actions, growth, strategy or performance, including our revenue, margin profile and customer profile; Additional information regarding factors that could materially affect our results of operations and the accuracy of the forward-looking statements contained in this document for the fiscal year ended December 31, 2023, filed with the SEC on February 23, 2023. as described in our Annual Report on Form 10-K. , 2024 and in subsequent SEC filings.
Beyond, Inc. Communication:
sarah factor
pr@beyond.com
