Wayfair

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Wayfair Inc
Type Public
Traded as NYSEW
Industry E-tail
Founded 2002
Headquarters Flag of the United States.svg Boston, Massachusetts, USA
Key people Niraj Shah, CEO & Co-Founder
Steve Conine, Chairman & Co-Founder
Website wayfair.com

Wayfair Inc is a U.S.-based multinational e-commerce company. The company—formerly known as CSN Stores—began selling furniture online in 2002,[1] and now sells many other home furnishings, luggage, toys, and pet items. Headquartered in Boston, Massachusetts,[2] Wayfair also has warehouse and corporate locations elsewhere in the United States, and in Australia, Germany, Ireland, and the United Kingdom.[3]

History[edit]

2002 to 2006:

Entrepreneurs Niraj Shah and Steve Conine founded Wayfair in August 2002 – then as just a two-person company with a makeshift headquarters in Conine’s nursery in Boston, Massachusetts.[4] Both Shah and Conine hold Bachelor of Science degrees from Cornell University. The pair had run two previous companies—Simplify Mobile and iXL, a global consulting firm—before starting Wayfair.[5]

As of February 2013, Shah is the Chief Executive Officer of the company, and Conine is the Chairman and Chief Technology Officer.

Originally known as CSN Stores (the name deriving from a mix of Shah and Conine’s initials), the company began with a single website, racksandstands.com, which sold media stands and storage furniture.

In 2003, the company added patio and garden goods suppliers along with three online stores and over a dozen employees and relocated the headquarters out of Conine’s house and into an office on Newbury Street, in Boston.

Over the next two years, the company expanded its catalogue to include home décor, office, institutional, and kitchen and dining furniture and materials, home improvement goods, bed and bath materials, luggage, and lighting. In 2006, the company earned $100 million in sales for the first time.[6]

2007 to 2010:

For the next four years, the company expanded aggressively and exponentially both in the U.S. and in international markets.

In 2008, CSN Stores began shipping to Canada and selling in the United Kingdom, and opened an office in London. In the same year, the Boston Business Journal ranked the company the #1 fastest growing private ecommerce company in Massachusetts, and the #4 fastest growing private company overall.[citation needed]

In 2009, the company expanded to Australia and Germany.

In 2010, the company relocated its headquarters to 177 Huntington Avenue, where they occupied 10 floors. At the end of that year, the company launched Joss & Main, a members-only private sales online store.

2011 to present:

By 2011, CSN Stores owned over 200 online shops, largely niche shops for specific products, like cookware.com, strollers.com, and everyatomicclock.com, etc. In an effort to scale, to direct traffic to a single site, and to unify the aesthetic of the company, Shah and Conine decided to rebrand CSN Stores as Wayfair.

To market the new brand and to increase its expansion, the company raised $165 million funding from four investment firms: Battery Ventures, Great Hill Partners, HarbourVest Partners, and Spark Capital in June 2011.[7]

Wayfair.com launched on September 1, 2011.[8] As of July 2012, Wayfair had consolidated all of its niche websites, with the exception of Joss & Main and AllModern, into Wayfair.com. In August 2012, Wayfair launched Wayfair Supply, a single destination for Wayfair's business, government and institutional customers. In August 2013, Wayfair acquired DwellStudio, a New York City-based design house and retailer focused on modern home and family furnishings.[9]

In March 2014, T. Rowe Price led a $157 million pre-IPO financing, valuing the company at more than US$2 billion.[10]

In late June 2014, the company again relocated its headquarters to 4 Copley Place, about a block away from its previous headquarters in 177 Huntington Avenue. Along with 4 Copley Place, the company has 2 satellite offices in the surrounding area.[11]

In August 2014, Wayfair announced it was seeking to raise $350 million in an IPO.[12]

Today, Wayfair is the largest online-only retailer for home in the United States,[13] and the 52nd largest online retailer in the United States.[14] The company earned $380 million in revenue in 2010, over $500 million in 2011, over $600M in 2012, and nearly $1 billion in 2013.[15] While the jump in revenue from 2012 to 2013 amounted to a 52% increase, Wayfair has yet to make a profit.[16]

Notes[edit]

External links[edit]