Milan Direct was bought by online retailer Temple & Webster in 2015 for $20 million,[6][7][8] and is traded under TPW on the ASX.[9]
Overview
Milan Direct was founded in 2006 by Ruslan Kogan and Dean Ramler. Previously, Kogan had launched an online electronics retail business,[10] and Ramler's family has had a history of furniture design and production.[11] The company sells both modern and retro furniture[3][12] and uses a direct to consumer distribution method.[3]
By 2010, the company had a revenue of $5.3 million and was named to the BRW Fast Starters list.[13] In 2011, Milan Direct generated $6.7 million in revenue and $12.6 million in 2012.[14]
Acquisition
In November 2015, Temple & Webster acquired Milan Direct ahead of its IPO.[7][8][15] In 2016, Milan Direct opened its first brick and mortar retail location in Richmond, Victoria.[16][17] In December 2016, Temple & Webster absorbed Milan Direct, shut down its website and began selling its products from the Temple & Webster website as a private collection.[18]
