Transaction Will Enable WSI to Extend Its High-Touch Customer Service Platform and Further Transform the Shopping Experience for Home Furnishings with Digital Technology
Williams-Sonoma, Inc. (NYSE:WSM) and Outward, Inc. (“Outward”) announced
today that they have entered into a definitive agreement under which
Williams-Sonoma, Inc. (“WSI”) will acquire Outward, a leading 3-D
imaging and augmented reality platform for the home furnishings and
décor industry, for an all cash consideration of $112 million. This
strategic acquisition will enable WSI to enhance and extend its
high-touch customer service platform, and to develop technologies with
Outward that further transform the shopping experience for home
furnishings.
“Outward brings proprietary and transformative technology at the
forefront of our industry, and we welcome them to WSI,” said Laura
Alber, President and Chief Executive Officer of WSI. “We are excited to
own and collaborate in the further development of Outward’s technology
that enables applications in product visualization, digital room design,
and augmented and virtual reality. Together, we will drive digital
innovation to create highly engaging and interactive consumer shopping
experiences.”
“Williams-Sonoma, Inc. is a best-in-class retailer with a tremendous
depth of knowledge and experience, as well as an industry leading
multi-channel platform,” said Clarence Chui, President and Founder of
Outward. “Joining the WSI team presents us with a unique opportunity to
extend our leadership at the intersection of imaging technology and
retail, and allows us to strengthen our support of existing customers
and the entire home industry. We look forward to partnering with WSI to
create the next generation of online, in-store, and design service
experiences and execute on our shared belief that technology and
innovation drive business.”
Following the close of the transaction, which is expected by the end of
this calendar year, Outward will operate as a wholly-owned subsidiary of
WSI, and will be managed by Outward’s current leadership team. The
company will maintain existing operations under the Outward brand, while
expanding its digital capabilities and servicing its customers around
the world. Clarence Chui will remain as President and Founder, and
Outward’s headquarters will remain in San Jose, CA.
About Williams-Sonoma, Inc.
Williams-Sonoma, Inc. is a specialty retailer of high-quality products
for the home. These products, representing eight distinct merchandise
strategies – Williams Sonoma, Pottery Barn, Pottery Barn Kids, West Elm,
PBteen, Williams Sonoma Home, Rejuvenation, and Mark and Graham – are
marketed through e-commerce websites, direct mail catalogs and retail
stores. Williams-Sonoma, Inc. currently operates in the United States,
Canada, Australia and the United Kingdom, offers international shipping
to customers worldwide, and has unaffiliated franchises that operate
stores in the Middle East, the Philippines and South Korea, and stores
and e-commerce websites in Mexico.
About Outward, Inc.
Founded in 2012, Outward, Inc. is a San Jose, CA-based enterprise
technology company focused on serving the home furnishings and
decorative accessories industry. Outward provides visual merchandising
that supports the scale and diversity of products offered by customer
brands, as well as flexibility in enabling a breadth of digital
experiences tailored to support all stages of a brand's merchandising
throughout its sales chain.
Forward Looking Statements
This press release contains forward-looking statements that involve
risks and uncertainties, as well as assumptions that, if they do not
fully materialize or prove incorrect, could cause WSI’s results to
differ materially from those expressed or implied by such
forward-looking statements. Such forward-looking statements include
statements relating to WSI’s anticipated acquisition of Outward,
including the timing of closing the transaction, the anticipated
benefits to WSI’s platform and business, the anticipated benefits to
Outward’s customers, the future management of Outward, and the further
development of Outward’s technology. These forward-looking statements
are based on current expectations and involve risks and uncertainties.
The risks and uncertainties that could cause WSI’s results to differ
materially from those expressed or implied by such forward-looking
statements include the risks that: the acquisition may not close in a
timely manner or at all; WSI may be unable to achieve the anticipated
benefits of the transaction; initiatives with Outward may distract
management from other operations; Outward’s technology may not work as
anticipated; Outward may be impacted by current or future competition in
the industry, including unexpected advances in competing products or
technologies; and customer loss and business disruption (including,
without limitation, difficulties in maintaining relationships with
employees, customers, and suppliers) may be greater than expected. These
and other risks and uncertainties are described more fully in WSI’s
Annual Report on Form 10-K for the fiscal year ended January 29, 2017,
all subsequent quarterly reports on Form 10-Q and current reports on
Form 8-K. All forward-looking statements in this press release are based
on information available as of the date hereof, and WSI assumes no
obligation to update these forward-looking statements.