has bought DwellStudio, the New York-based seller of high-design home goods, the companies said Friday.
The deal adds another brand to Wayfair’s line of Web retailing sites that includes Joss & Main and AllModern.com. DwellStudio will operate as a stand-alone brand.
“The acquisition is a logical step on Wayfair.com’s path to becoming the dominant retailer in home,” said John Mulliken, Wayfair.com’s senior vice president of strategic initiatives, in a statement.
The deal is the first major acquisition for Wayfair, which was founded in 2002 as CSN Stores. In 2011, it bought the Australian company Buyster.com after receiving $165 million in venture capital funding. Wayfair would not reveal the terms of the deal to purchase DwellStudio.
Last year, Wayfair crossed $600 million in revenues and the company said it is poised to soon hit the $1 billion mark in sales. Many also speculate that Wayfair is eyeing an initial public stock offering, too.