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Temple & Webster

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Australian furniture and homeware retailer

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

Temple & Webster is an Australian homewares and furniture retailer. The brand was founded in 2011, and listed on the ASX as Temple & Webster Group (TPW) in December 2015. The float followed the acquisition of two other businesses, the Australian operation of Wayfair and Milan Direct. 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.

In 2015 the company was awarded the Fastest Growing Internet Retailer in the Deloitte Tech Fast 50. Later that year the business released an IPO to raise $61 million, expecting a market capitalisation of $116 million. The IPO was oversubscribed, but shares fell over 30% on opening, taking their market value to $95 million. It was announced that, in 2015, Temple & Webster lost $44.4 million, more than double the $18.5 million loss forecast in its prospectus.

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.

In October 2019, Temple & Webster's sales rose by 45 per cent, the biggest increase since the company went public in 2015.

In May 2022, the company launched The Build by Temple & Webster, an online store for home improvement products.

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.

External links

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