In a huge shock to the market, it has been announced that Catch Group has been purchased by Wesfarmers in a deal valued at $230 million. The purchase sees Wesfarmers delve quickly into the online shopping arena, a current weakness of the group.
Catch started as a simple website back in 2006 where it sold a deal a day. It quickly popular by offering some great deals to customers new to online shopping. Brothers Gabby and Hezi Leibovich, who started the business, started to see great success with the business and grew it to what it is today. The company now sells a huge amount of their own sourced products and has introduced it’s marketplace concept which allows third party vendors to sell their wares.
Catch Group is currently performing pretty well in a difficult retail market. The company was heading toward a impressive gross revenue of over $400 million for the 2019 financial year. If Catch achieved this revenue, then it would have indicated a growth of around 31 percent over the previous financial year.
The last release figures for the company was in November last year where it reported earnings of $17.1 million which was an improvement over the previous $8.1 million figure. This is earnings before interest, tax, depreciation and amortisation. The customer numbers also look impressive with a rise to 1.4 million customers from the previous 1 million.
If you’re looking to purchase from Catch, use a Catch promo code for your order.
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