Kogan buys furniture trader Matt Blatt

Online shopping trader Kogan has bolstered its furniture and homewares offering by acquiring retailer Matt Blatt for $4.4 million.

Matt Blatt collected $46.5 million in revenue last financial year, and up to 25 per cent came from online sales.

Chief executive Ruslan Kogan said Matt Blatt would now be an online-only operation.

The acquisition, which was funded from cash reserves, will help Kogan extend its reach into the furniture and homewares market.

Matt Blatt will continue to trade through its own website. 

Kogan shares have risen by 12.65 per cent since January 1, despite a wider market downturn.

Its shares were valued at $8.55 prior to the start of trading on Friday.

In February, Kogan reported a 20 per cent jump in first-half profit and shareholders received an increased dividend of 7.5 cents per share.

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