Temple & Webster

Last updated

Temple & Webster
Company typePublic
ASX:  TPW
IndustryOnline Retail
Founded2011 (2011) in Sydney, New South Wales, Australia
FoundersMark Coulter, Adam McWhinney, Conrad Yiu, Brian Shanahan
Headquarters
Sydney
,
Australia
Areas served
ProductsHomewares, Furniture
Website templeandwebster.com.au

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.

Contents

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]

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References

  1. ↑ "Temple & Webster To Take On $15 Billion Home Category". Power Retail.
  2. ↑ "Temple & Webster to acquire Milan Direct and list on the ASX next month in a $60 million IPO". Smart Company.
  3. ↑ "Wayfair Sells its Australian-based Business to Australia's #1 Online Furniture & Homewares Retailer Temple & Webster". Wayfair.
  4. ↑ Mitchell, Sue (13 November 2015). "Temple & Webster acquires Milan Direct ahead of IPO". Sydney Morning Herald.
  5. ↑ "Homewares retailer Temple & Webster in shake-up". The Australian.
  6. ↑ "Technology Fast 50" (PDF). Deloitte.
  7. ↑ "Temple & Webster to acquire Milan Direct and list on the ASX next month in a $60 million IPO". Smart Company.
  8. ↑ "Temple & Webster shares tank on market debut". Sydney Morning Herald.
  9. ↑ Mitchell, Sue (29 August 2016). "Temple & Webster loss blows out to $44m". The Sydney Morning Herald. Retrieved 2 June 2020.
  10. ↑ "Temple & Webster swallows Milan Direct". Sydney Morning Herald.
  11. ↑ Mitchell, Sue (23 October 2019). "Temple & Webster hits its stride as furniture, homewares shift online". Australian Financial Review. Retrieved 2 June 2020.
  12. ↑ LaFrenz, Carrie (3 May 2022). "Temple & Webster targets home renovators". Australian Financial Review. Retrieved 6 May 2022.
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