Online Home Furnishings Retailer CSN Stores Raises $165 Million
CSN Stores, an online retailer of housewares and home furnishings, has raised capital for the first time ever in its nine-year history — and it’s a whopper of a round.
The funding will go toward expansion both internationally and in the U.S.; for acquisitions; and to support the launch of its new brand, Wayfair.com.
While you may not have heard of the parent company, it’s likely that you’ve stumbled upon some of its major brands, like Cookware.com, Luggage.com and Strollers.com. Going forward, CSN plans to consolidate its more than 200 sites into the Wayfair.com brand in late summer.
In a release, CSN’s CEO and co-founder, Niraj Shah, said the company has been profitable since 2002 despite aggressive growth. The company said it expects revenues to surpass $500 million, increasing from $383 million in 2010.
With 800 employees now, CSN could reach 1,000 staffers by year’s end.
Shah said with the additional cash, the company will be able to grow even faster. “Looking ahead four or five years, we think with the help of our investors, we are on the path to becoming a much larger, publicly traded company,” he said.
CSN estimates that the U.S. home goods market for furniture, decor, housewares and home improvement industry is more than $500 billion, but only a small percentage has gone online. CSN said it attracts more than 100 million visits to its sites every year and offers more than three million items from 5,000 brands for sale.