Williams-Sonoma, Inc. Announces Acquisition of Outward, Inc.
November 16 2017 - 4:15PM
Business Wire
Transaction Will Enable WSI to Extend Its
High-Touch Customer Service Platform and Further Transform the
Shopping Experience for Home Furnishings with Digital
Technology
Williams-Sonoma, Inc. (NYSE:WSM) and Outward, Inc. (“Outward”)
announced today that they have entered into a definitive agreement
under which Williams-Sonoma, Inc. (“WSI”) will acquire Outward, a
leading 3-D imaging and augmented reality platform for the home
furnishings and décor industry, for an all cash consideration of
$112 million. This strategic acquisition will enable WSI to enhance
and extend its high-touch customer service platform, and to develop
technologies with Outward that further transform the shopping
experience for home furnishings.
“Outward brings proprietary and transformative technology at the
forefront of our industry, and we welcome them to WSI,” said Laura
Alber, President and Chief Executive Officer of WSI. “We are
excited to own and collaborate in the further development of
Outward’s technology that enables applications in product
visualization, digital room design, and augmented and virtual
reality. Together, we will drive digital innovation to create
highly engaging and interactive consumer shopping experiences.”
“Williams-Sonoma, Inc. is a best-in-class retailer with a
tremendous depth of knowledge and experience, as well as an
industry leading multi-channel platform,” said Clarence Chui,
President and Founder of Outward. “Joining the WSI team presents us
with a unique opportunity to extend our leadership at the
intersection of imaging technology and retail, and allows us to
strengthen our support of existing customers and the entire home
industry. We look forward to partnering with WSI to create the next
generation of online, in-store, and design service experiences and
execute on our shared belief that technology and innovation drive
business.”
Following the close of the transaction, which is expected by the
end of this calendar year, Outward will operate as a wholly-owned
subsidiary of WSI, and will be managed by Outward’s current
leadership team. The company will maintain existing operations
under the Outward brand, while expanding its digital capabilities
and servicing its customers around the world. Clarence Chui will
remain as President and Founder, and Outward’s headquarters will
remain in San Jose, CA.
About Williams-Sonoma,
Inc.
Williams-Sonoma, Inc. is a specialty retailer of high-quality
products for the home. These products, representing eight distinct
merchandise strategies – Williams Sonoma, Pottery Barn, Pottery
Barn Kids, West Elm, PBteen, Williams Sonoma Home, Rejuvenation,
and Mark and Graham – are marketed through e-commerce websites,
direct mail catalogs and retail stores. Williams-Sonoma, Inc.
currently operates in the United States, Canada, Australia and the
United Kingdom, offers international shipping to customers
worldwide, and has unaffiliated franchises that operate stores in
the Middle East, the Philippines and South Korea, and stores and
e-commerce websites in Mexico.
About Outward, Inc.
Founded in 2012, Outward, Inc. is a San Jose, CA-based
enterprise technology company focused on serving the home
furnishings and decorative accessories industry. Outward provides
visual merchandising that supports the scale and diversity of
products offered by customer brands, as well as flexibility in
enabling a breadth of digital experiences tailored to support all
stages of a brand's merchandising throughout its sales chain.
Forward Looking
Statements
This press release contains forward-looking statements that
involve risks and uncertainties, as well as assumptions that, if
they do not fully materialize or prove incorrect, could cause WSI’s
results to differ materially from those expressed or implied by
such forward-looking statements. Such forward-looking statements
include statements relating to WSI’s anticipated acquisition of
Outward, including the timing of closing the transaction, the
anticipated benefits to WSI’s platform and business, the
anticipated benefits to Outward’s customers, the future management
of Outward, and the further development of Outward’s technology.
These forward-looking statements are based on current expectations
and involve risks and uncertainties. The risks and uncertainties
that could cause WSI’s results to differ materially from those
expressed or implied by such forward-looking statements include the
risks that: the acquisition may not close in a timely manner or at
all; WSI may be unable to achieve the anticipated benefits of the
transaction; initiatives with Outward may distract management from
other operations; Outward’s technology may not work as anticipated;
Outward may be impacted by current or future competition in the
industry, including unexpected advances in competing products or
technologies; and customer loss and business disruption (including,
without limitation, difficulties in maintaining relationships with
employees, customers, and suppliers) may be greater than expected.
These and other risks and uncertainties are described more fully in
WSI’s Annual Report on Form 10-K for the fiscal year ended January
29, 2017, all subsequent quarterly reports on Form 10-Q and current
reports on Form 8-K. All forward-looking statements in this press
release are based on information available as of the date hereof,
and WSI assumes no obligation to update these forward-looking
statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20171116006314/en/
WILLIAMS-SONOMA, INC.Julie P. Whalen, 415-616-8524EVP, Chief
Financial Officer-or-Felix Carbullido, 415-402-4056Corporate Public
Relations
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