Temple & Webster is an Australian homewares and furniture retailer. The brand was founded in 2011,[1] and listed on the ASX as Temple & Webster Group (TPW) in December 2015.[2] The float followed the acquisition of two other businesses, the Australian operation of Wayfair[3] and Milan Direct.[4] In 2022, the company launched The Build, an online store for home improvement products.
History
Temple & Webster was founded in 2011 by Mark Coulter, Adam McWhinney, Conrad Yiu and Brian Shanahan. The site was initially a members-only sales site, but became an open retailer in 2016 after merging the Wayfair brand.[5]
In 2015 the company was awarded the Fastest Growing Internet Retailer in the Deloitte Tech Fast 50.[6] Later that year the business released an IPO to raise $61 million, expecting a market capitalisation of $116 million.[7] The IPO was oversubscribed, but shares fell over 30% on opening, taking their market value to $95 million.[8] It was announced that, in 2015, Temple & Webster lost $44.4 million, more than double the $18.5 million loss forecast in its prospectus.[9]
In December 2016 the business merged the Milan Direct ecommerce site into the Temple & Webster brand. Milan Direct continues to operate as a wholesaler and importer, supplying product to the Temple & Webster site.[10]
In October 2019, Temple & Webster's sales rose by 45 per cent, the biggest increase since the company went public in 2015.[11]
In May 2022, the company launched The Build by Temple & Webster, an online store for home improvement products.[12]
External links
References
- Temple & Webster To Take On $15 Billion Home Category Power Retail^
- Temple & Webster to acquire Milan Direct and list on the ASX next month in a $60 million IPO Smart Company^
- Wayfair Sells its Australian-based Business to Australia's #1 Online Furniture & Homewares Retailer Temple & Webster Wayfair^
- Sue Mitchell. Temple & Webster acquires Milan Direct ahead of IPO Sydney Morning Herald, 13 November 2015^
- Homewares retailer Temple & Webster in shake-up The Australian^
- Technology Fast 50 Deloitte^
- Temple & Webster to acquire Milan Direct and list on the ASX next month in a $60 million IPO Smart Company, 12 November 2015^
- Temple & Webster shares tank on market debut Sydney Morning Herald, 10 December 2015^
- Sue Mitchell. Temple & Webster loss blows out to $44m The Sydney Morning Herald, 2016-08-29, retrieved 2020-06-02^
- Temple & Webster swallows Milan Direct Sydney Morning Herald, 13 December 2016^
- Sue Mitchell. Temple & Webster hits its stride as furniture, homewares shift online Australian Financial Review, 2019-10-23, retrieved 2020-06-02^
- Carrie LaFrenz. Temple & Webster targets home renovators Australian Financial Review, 2022-05-03, retrieved 2022-05-06^