Acquisition to boost premium lifestyle offerings and exclusivity factor
TORONTO, Aug. 14, 2012 /CNW/ - TeamBuy.ca - Canada's first daily deal website - announced today the acquisition of FabFind.com, a leader in premium social commerce offerings. The latest in a string of strategic partnerships, the integration will offer TeamBuy.ca subscribers more exclusive shopping experiences via FabFind merchants. The acquisition of the Toronto-based luxury deal site will add a member database consisting of young, fashion-forward, high-income urban professionals to the TeamBuy community - helping to support expected gross revenue of $40,000,000 for the Canadian group-buying giant for 2012.
Launched in October 2009 as Canada's first daily deal website, TeamBuy has since raised more than $12,000,000 in financing. The company recently refined its group buying business model to emerge as a broader flash sales e-commerce site offering over 500 deals a month across their growing Local, Products, Travel and Home & Décor verticals. The FabFind acquisition will enhance TeamBuy's premium lifestyle offerings, bringing exclusive brands such as Michael Kors, Coach, and Toni & Guy, across all categories.
The new venture will also introduce FabFind's existing member database to additional exclusive offers through TeamBuy partnerships with other online properties such as SellOffVacations.com, which provides unique vacation packages available only to TeamBuy subscribers.
"With only a handful of major deal sites now competing for market share, we've chosen FabFind.com to diversify our offerings and penetrate the lifestyle e-commerce business," says Ghassan Halazon, CEO, TeamBuy.ca. "Jumping into the luxury lifestyle category is a real game-changer as we are now gaining and attracting new customers to a niche offering that is yet to be fully explored in Canada."
Daily deals, in their original format, now account for approximately 50 per cent of the Company's sales. Diversifying the revenue stream through the inclusion of FabFind's designer merchandise, accessories and services will provide customers a tailored shopping experience that truly resonates with their lifestyle.
"TeamBuy is a pioneer in the Canadian social commerce sphere," says Bill Heilmann, CEO, FabFind.com. "Through our discussions with them, it became clear that their national footprint, advanced platform equipped with consumer mobile and merchant solutions, and brand alignment resonated with our company values and the expectations of our customer base."
Over the last three years TeamBuy has strategically enhanced their Canadian success story, creating exclusive merchant partnerships to offer featured events with national reach and producing exponential growth in sales as well as repeat and referral vendor participation. As a result, monthly merchant participation in TeamBuy promotions has jumped significantly - from 741 participants in 2010 to an expected 7,000 vendors participating in promotions for 2012. Merchant partnerships have saved Canadian subscribers hundreds of millions of dollars.
TeamBuy.ca is a Canadian team-buying website that launched in Toronto in 2009. The site secures impressive savings by using team-buying power, giving users the benefit of buying in bulk without actually having to. With the goal to become one of Canada's top online shopping destinations, TeamBuy.ca offers features that range from the hottest lifestyle and home décor products to travel and spa packages, self-improvement workshops to dinner experiences. Considered a trusted city guide that introduces TeamBuyers to only the finest that their city has to offer, TeamBuy.ca is available in over 20 major cities and local regions across Canada. Recently, the TeamBuy Consumer iOS App won a Silver Award for Business Applications in the 42nd Annual International Creativity Media and Interactive Awards.
TeamBuy.ca has grown rapidly since 2009, cultivating relationships with thousands of diverse merchant partners, expanding to offer mobile and Facebook ecommerce apps and generating over $100,000,000 in savings for their members.
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