CSN Stores Raises $165 Million in Capital

BOSTON - CSN Stores, recently ranked by Internet Retailer as the second largest online retailer in the home furnishings category, has raised $165 million from four venture capital and private equity firms that will help the fast-growing company consolidate its catalog under the Wayfair.com brand name.
     It marked the first time in the retailer's nine-year history that it raised outside capital. The company also said it is the first step toward an initial public stock offering, which could take place in the next four to five years.
     CSN, which sells home goods and furniture through more than 200 websites, had sales of $380 million last year - an increase of more than 50% from 2009. It is on track to rack up sales of more than $500 million this year.
     The company said it will begin its re-branding later this summer when it begins consolidating websites such as Luggage. com, Strollers.com and many others into a single mega-site called Wayfair.com. The consolidation is expected to take about a year to complete.
     The four investment firms - Battery Ventures, Spark Capital, HarbourVest Partners and Great Hill Partners - will each have a representative on CSN's board of directors and will be active advisers in the company's future growth.
     The company said the new investors were selected by CSN's founders, ceo Niraj Shah and chairman Steven Conine.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

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HTT Cover October 2017

See the October 2017 issue of Home & Textiles Today. In this issue, we look at the Top 25 Online Retailers.  H&TT's exclusive annual ranking of the biggest online sellers of home textiles finds that while pure play etailers continue to fly, bricks & clicks are digging into omnichannel. See details!