What has happened to Matt Blatt?

What has happened to Matt Blatt?

In May 2020, Matt Blatt was acquired by Kogan.com Limited. As Kogan.com CEO Ruslan Kogan stated on the day acquisition: “We are pleased to bring the iconic Matt Blatt brand into new ownership, and relaunch the business as an online only offering.

Is Matt Blatt still trading?

On 15 May 2020 the Matt Blatt trading name and intellectual property was sold and MattBlatt.com.au is now trading as a purely online business under new ownership.

How much did Kogan pay for Matt Blatt?

Listed online retailer Kogan has acquired furniture seller Matt Blatt in a $4.4 million deal, relaunching the company as an online-only retailer after the coronavirus crisis forced it to seek a buyer.

Who owns matt black furniture?

Adam Drexler
Adam Drexler, the founder and owner of Matt Blatt (right) and his son Joel. So I was interested to find out about Matt Blatt’s expansion plans. Before Christmas it’s adding three new showrooms to the 10 it already owns.

Did Matt Blatt go broke?

Aussies infuriated as Matt Blatt furniture chain goes into liquidation, leaving them with the bill. Dozens of angry customers of furniture chain Matt Blatt have been left with the bill after the company went bust despite assuring them their orders were safe.

Who is the owner of Kogan?

Ruslan Kogan
Ruslan Kogan is an Australian entrepreneur, CEO and founder of Kogan.com. His entrepreneurial spirit can be traced back to his parents, who came to Australia in 1989 with just $90, working multiple jobs to provide for their family.

Can I call Matt Blatt?

Matt Blatt Customer Care does not currently have an open phone line, however, our Customer Care Team will call you back if you prefer a phone call.

What is Matt Blatt marketplace?

Matt Blatt provides a Marketplace that allows other retailers to list their items on the Matt Blatt store and sell their items directly to you. Marketplace sales are indicated with a Marketplace icon and retailer name directly above the product price on the listing.

Does Matt Blatt do click and collect?

As an online business, we work hard to keep our prices low by cutting out the high costs associated with maintaining a retail store and facilities. In order to provide our customers with the very best prices, all our products are available for delivery only. We do not offer a pickup facility.

Is Kogan overpriced?

Morningstar’s director of equity research, Johannes Faul, valued Kogan.com at $10.50 a share, compared with a current price of $16.96. The shares fell 3 per cent on Monday, taking losses since last month, when the stock reached $25.57, to 33 per cent.

Why is Kogan so cheap?

The company is able to cut through the overheads experienced by traditional bricks and mortar stores by operating as an online-only entity and bypassing wholesalers, distributors and retailers. The retailer also aims to be as cheap as possible with Australian delivery.

Why did Kogan drop today?

A slew of supply chain problems and piles of excess stock have prompted online retail giant Kogan to axe its earnings predictions for the current financial year, stunning investors and sending its shares plummeting.

Is Kogan a good stock?

The good news is that Kogan.com is growing revenues, and EBIT margins improved by 2.7 percentage points to 9.2%, over the last year. Ticking those two boxes is a good sign of growth, in my book. You can take a look at the company’s revenue and earnings growth trend, in the chart below.

Is it good to invest in Kogan?

Kogan is a profitable business and revenues and profits have been growing strongly. If consensus estimates are achieved in financial year 2021, revenue will have grown about 30% per year since listing in 2016 and earnings per share about 90% pa. Mighty Ape adds another 720,000 active customers to Kogan’s 3 million.

Why is Kogan dropping?

The company said it was suffering from bloated inventory levels, cost pressures, logistics headaches at its warehouses and elevated advertising costs as it boosts shipments to shoppers. Kogan also said its FY21 accounts will be hit by shipping fees and rising prices for key consumer goods.

Why is Kogan share price falling?

Why has the Kogan share price fallen so much? Kogan has explained the difficulties that the e-commerce business has been facing. This imposed significant abnormal costs, in the millions, on the business over the last five months. The company doesn’t expect any material demurrage issues to arise in the future.

Is Kogan shares a good buy?

Since reaching lows of around $8.70 per share last month, Kogan’s shares have bounced just under 50% to their current level of $13 per share. Taking a longer-term outlook, Kogan’s shares are still quite a way off where they were last year after reaching highs of over $25.5 last year.

Online retailer Kogan.com is moving aggressively into the furniture and homewares segment with the purchase of the Matt Blatt business, which will now be run as an online only offering after its 15 physical stores were shut down in late March.

Is Matt Blatt closed?

Matt Blatt has closed its doors, with customers accusing the copa. This comes as Kogan acquired the company’s assets in mid-May for $4.4 million. Matt Blatt has collapsed, leaving some customers out of pocket. This comes after Kogan acquired ‘some’ of the business’ assets for $4.4.

What company did Kogan buy?

Dick Smith Holdings
In March 2016, Kogan.com acquired Dick Smith Holdings’s online business. The physical retail stores have been shut down, with the Dick Smith brand transitioned to an online-only consumer electronics store.

Does Dare Gallery still exist?

Dare Gallery is no longer operating/trading. See all Furniture Shops.

The company that owned the Matt Blatt brand, Badam Trading Co, is now in the hands of liquidator David Solomons of Sydney firm dVT Group. Badam’s director, Adam Drexler, closed the company’s 12 stores in late March as the coronavirus crisis gripped Australia, deepening the woes of an already struggling retail sector.

Who is the liquidator of Matt Blatt stores?

In April, Badam Trading began selling old stock via GraysOnline. Adam Drexler, the Director of Badam, closed its Matt Blatt stores amid the pandemic. On May 22, Drexler appointed Solomons as a liquidator of the company. Solomons will now investigate the sale of stock via GraysOnline and the acquisition of assets by Kogan.

When did Matt Blatt furniture go out of business?

In financial trouble, Badam Trading Co sold Matt Blatt Furniture to online retailer Kogan for $4.4 million in May of this year. But the sale was only for the intellectual property and goodwill and didn’t include any stock or liabilities. Matt Blatt has been in business in Australia since 1981, offering colourful and quirky designs for homes.

How did Matt Blatt get acquired by Kogan?

In April, Badam went on to sell off warehouse stock through auction website Grays Online. Online retailer Kogan announced it had “acquired Matt Blatt” on 15 May for $4.4m, but a Kogan spokesman told Guardian Australia that in fact it “acquired some intellectual property from the prior owners”.

What kind of revenue does Matt Blatt make?

Today, Matt Blatt is an undisputed leader in the furniture industry, with online revenue up 80 per cent so far this year, and revenue from social media up 270 per cent year on year, while sofa sales remain the company’s biggest sellers.