Temple & Webster

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
Websitetempleandwebster.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.

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]

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. 12 November 2015.
  8. ^ "Temple & Webster shares tank on market debut". Sydney Morning Herald. 10 December 2015.
  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. 13 December 2016.
  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.