Two major online furniture retailers will be joining Ashley Home and Resident Home in a deal announced on March 5th. The transaction will see Ashley Home acquire Resident Home and bring Resident's mattress and bedding accessories brands, including Awara, Dreamcloud, Nectar and Sienna, under the new umbrella. Owned.
Under terms of the agreement approved by both companies' boards of directors, Resident co-founders and co-CEOs Eric Hutchinson and Lan Leske will remain in their current roles.
Ashley Furniture, an affiliate of Ashley Home, is ranked #140 on the Digital Commerce 360 Top 1000 ranking of North America's largest online retailers. He is resident number 123. Both appear in the household goods and home furnishings categories.
Importance of acquisition for residents
“Lan and I are excited to have Resident join the Ashley family,” Hutchinson said in announcing the acquisition. “This partnership marks an important milestone for our team and our journey. We believe that together we can achieve even greater heights and deliver unparalleled value to our customers. Ashley Joining forces will enable new growth opportunities and our team is excited about the possibilities ahead.”
Resident sells its mattresses online and through 2,500 retail stores in the United States, Canada, and the United Kingdom, according to the company.
What Ashley Gaining Residency Means for International Availability
Ashley will expand the reach of the Resident brand across the globe. Ashley said the acquired company's presence is expanding online and through 1,125 brick-and-mortar locations in 67 countries.
“We are very excited about the possibilities Resident brings to Ashley,” said Ashley Home CEO Todd Wanek. “In just a few years, Resident has established itself as a leading destination for mattresses, and we believe this combination will strengthen both companies, accelerate our growth trajectory, and bring more products to more homes.” I am.”
The companies expected the transaction to close by March 6.
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