CSN Stores Raises $165 Million "First Round" To Expedite Expansion & Bolster Branding
"We have been able to grow at a very fast pace because we know what customers want when shopping online for their home," said CSN's Chairman and Co-Founder Steven Conine. "We knew it was now time to create a name that our customers can remember and to put our full selection together in a single, online destination that offers everything imaginable for nearly any type of home – meeting all style preferences and budgets."
Michael Kumin, Partner at Great Hill Partners, added, "The U.S. home goods market for furniture, decor, housewares and home improvement is over $500 billion, yet online retailers have only tapped seven percent of it to-date. We believe that CSN Stores, through its new brand Wayfair.com, is well-positioned to be the leader in this growing market."
Anyone interested in getting a sneak peek of the Wayfair site should visit Wayfair.com this week. In late summer, Wayfair.com will be open for business. CSN Stores will focus its brand family on three distinct brands: Wayfair.com, AllModern.com and JossandMain.com.
AllModern ( www.allmodern.com) is an established brand catering to consumers who enjoy the upper-end modern design aesthetic. Joss & Main ( www.jossandmain.com) is CSN's new flash sale site offering high-end items for the home at up to 70 percent off.Just last month, CSN Stores, which had sales of $383 million in 2010, jumped ahead of Crate & Barrel in the rankings of online home goods merchants as part of Internet Retailer's Top 500 Guide of the largest retail web sites. In addition, CSN landed in the No. 10 spot on the list of retailers (of any category) that operate solely on the web. Beyond rising in the ranks of online stores, CSN has also been in an ongoing hiring surge for the past 18 months. In 2010, CSN filled 250 new spots. So far in 2011, the company has hired another 150 people with plans to increase that number by another 200. With 800 employees now, CSN could reach 1,000 staffers by year's end.
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