|CSN Stores (2002–2011)|
|Traded as||NYSE: W (Class A)|
Russell 1000 Component
|Headquarters||4 Copley Place|
|Niraj Shah (CEO)|
Steve Conine (Chairman)
Enrique Colbert (General Counsel)
Michael Fleisher (CFO)
|Revenue||US$4.72 billion (2017)|
|−US$235.4 million (2017)|
|−US$244.6 million (2017)|
|Total assets||US$1.213 billion (2017)|
|Total equity||−US$48.3 million (2017)|
Number of employees
|Footnotes / references|
Wayfair, Inc. is an American e-commerce company that sells home goods. Formerly known as CSN Stores, the company was founded in 2002 and now sells many home furnishings and décor items and over ten million products from over 10,000 suppliers. Headquartered in Boston, Massachusetts, Wayfair has offices and warehouses throughout the United States as well as in Canada, Germany, Ireland, and the United Kingdom.
2002 to 2006
Entrepreneurs Niraj Shah and Steve Conine founded Wayfair in August 2002, as a two-person company with a makeshift headquarters in Conine's nursery, in Boston, Massachusetts. 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.
Originally known as CSN Stores (the name is derived from a mix of Shah and Conine’s initials), the company began with the website racksandstands.com, selling media stands and storage furniture.
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.
2007 to 2010
For the next four years, the company expanded in the United States 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 e-commerce company in Massachusetts, and the #4 fastest growing private company overall. In 2009, the company expanded to 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, everyatomicclock.com, and strollers.com. In an effort to scale, to direct traffic to a single site, and to unify the aesthetic of the company, Shah and Conine rebranded CSN Stores as Wayfair.
To market the new brand and to increase its expansion, in June 2011 the company raised $165 million in funding from four investment firms: Battery Ventures, Great Hill Partners, HarbourVest Partners, and Spark Capital.
Wayfair.com launched on September 1, 2011. 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.
In late June 2014, the company again relocated its headquarters, this time to 4 Copley Place, about a block away from its previous headquarters at 177 Huntington Avenue. Along with 4 Copley Place, the company has two satellite offices in the surrounding area.
In October 2014, Wayfair raised over $300 million through an IPO on the New York Stock Exchange. In July 2015, Wayfair sold its Australian business to local online retailer, Temple & Webster, for an undisclosed amount. The brand was renamed to Zizo and later absorbed into the Temple & Webster business.
As of January 2014, Wayfair was the largest online-only retailer for home furniture in the United States, and the 33rd largest online retailer in the United States. The company generated $380 million in revenue in 2010, over $500 million in 2011, over $600 million in 2012, over $900 million in 2013, and over $1.3 billion in 2014. In 2015, the net revenue of Wayfair increased to $2.25 billion, to $3.4 billion in 2016 and to $4.7 billion in 2017.
Wayfair spent more than $500 million in advertising in 2017 and is on target to spend more in 2018.
In 2017 a South Dakota lawsuit aimed at forcing Wayfair to collect and pay state sales tax made to the US Supreme Court, South Dakota v. Wayfair, Inc. The court held that states may charge tax on purchases made from out-of-state sellers, even if the seller does not have a physical presence in the taxing state.
The company hosted its first "Way Day" sale on April 25, 2018. Sales quadrupled compared to an average day in March, according to a report from analytics firm Edison Trends. The number of unique buyers on Way Day also rose nearly 400% compared to the March average, although the average order price spent on Way Day ($276) was about the same as in March ($275), according to that report.
According to an August, 2018 article in The Boston Globe, Wayfair added an additional 2,000 employees in the first half of 2018 and now has a total employee headcount approaching 10,000. The company will be soon expanding to another building near Copley Square with office space for an additional 4,000 employees.
On December 13, 2018, the Massachusetts Economic Assistance Coordinating Council approved a $31.4 million tax break for Wayfair in exchange for a pledge to increase their hiring by at least 3,000 in Boston and 300 jobs at a new call center in Pittsfield. The tax break is one of the largest-ever awarded by the state.
- Nanos, Janelle (2018-08-07). "Is Boston's Wayfair the next Amazon?". The Boston Globe. Retrieved 2018-08-07.
- "About Us". Wayfair.
- "Wayfair.com 'mega-site' is new home for CSN Stores' 200 shopping sites". Home Accents Today.
- "CSN Relaunches as Wayfair.com". Furniture Today.
- "Wayfair To Merge 200 Online Storefronts". Back Bay Company. CBS Boston.
- "Team Bios". Wayfair.
- "History Timeline". Wayfair.
- "CSN Stores Raises $165 Million First Round to Expedite Expansion and Bolster Branding". PRNewswire. 2011.
- "Wayfair Launches as Online Shopping Megasite with Largest Selection of Home Products Anywhere". PRNewswire. 2011.
- "Wayfair Acquires DwellStudio". PRNewswire. 2013.
- "Wayfair, Speeding Towards IPO, Lands $2 Billion Valuation". Wall Street Journal. March 7, 2014.
- "WayfairInsider: Status". Twitter.
- "Wayfair Inc closes initial public offering and full exercise of underwriters' option to purchase additional shares". Reuters. October 7, 2014.
- "Investor Relations: Wayfair Sells its Australian-based Business to Australia's #1 Online Furniture & Homewares Retailer Temple & Webster". Wayfair.
- "Wayfair's growth spurs talk of a possible IPO". Internet Retailer. January 28, 2014.
- "Wayfair's web sales soar 81% in Q2". Internet Retailer.
- "Wayfair Announces Fourth Quarter and Full Year 2014 Results". Reuters. March 4, 2015.
- "Wayfair 2015 Annual Report" (PDF). Wayfair.com. Wayfair, LLC. January 31, 2016. p. 49. Retrieved June 2, 2016.
- "Wayfair 2016 Annual Report" (PDF). Wayfair.com. Wayfair, LLC. January 31, 2017. p. 55. Retrieved July 25, 2017.
- "Wayfair Announces Fourth Quarter and Full Year 2017 Results". investor.wayfair.com. Retrieved 2018-03-12.
- "Wayfair-2017-Annual-Report" (PDF).
- "Wayfair finds profits elusive as Q1 loss widens". Retail Dive. Retrieved 2018-05-02.
- Sperance, Cameron (2018-12-13). "Wayfair Nabs $31M In Tax Breaks For Massachusetts Expansion". Bisnow Media. Retrieved 2018-12-14.