Multichannel retailer HSN Inc. has acquired Chasing Fireflies LLC, a direct-to-consumer marketer of premium children’s and baby products, through its Cornerstone Brands operating unit.
Financial terms of the transaction weren’t disclosed. HSN said that the firm had 2011 sales of about $39 million and its addition to the company is expected to add to earnings during the current fiscal year.
Dina Alhadeff, Amy Grealish and Lori Liddle, who founded CF in 2006, will remain with the business and continue to supervise operations from their offices in Seattle. They will report to Mark Ethier, chief executive officer of Cornerstone.
“This acquisition will leverage Cornerstone’s strong infrastructure, customer file and digital platform to drive additional growth for the brand,” said Mindy Grossman, ceo of HSN, based in Saint Petersburg, Fla.
Chasing Fireflies markets better apparel, accessories, toys, home furnishings and gifts for girls, boys and babies, and provides an array of special occasion merchandise available online, at chasing-fireflies.com, and through catalogues. Although Cornerstone’s Garnet Hill brand offers merchandise for young girls, the acquired company is the first in the Cornerstone stable to focus exclusively on children’s merchandise.
The Cornerstone unit distributes more than 300 million catalogues annually and operates eight digital Web sites as well as 19 retail stores. In addition to Garnet Hill, its brands include Ballard Designs, Frontgate and The Territory Ahead. Each brand has a Web site that allows users to link to the sites of the other brands in the portfolio.
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