Shutterfly Signs Definitive Agreement to Acquire Spoonflower, the Global Custom Fabric, Wallpaper and Home Decor Design Market
REDWOOD CITY, Calif .– (COMMERCIAL THREAD) – Shutterfly, a leading digital retailer and custom product manufacturing platform, today announced an agreement to acquire Spoonflower, a global marketplace connecting manufacturers and consumers with artists around the world , in an accretive acquisition for approximately $ 225 million of enterprise value subject to certain capital conditions and other adjustments. The acquisition will allow Shutterfly to serve the growing home decor market more broadly by adding wallpaper, fabrics, linens, bedding and other home decor items to its product mix and by connecting Shutterfly’s 21 million active users with Spoonflower’s artists and designer community. The acquisition, which is subject to regulatory approvals and customary closing conditions, is expected to be completed in the third quarter of 2021.
“We are delighted to welcome Spoonflower to the Shutterfly family of brands,” said Hilary Schneider, CEO of Shutterfly. “Millions of consumers use Spoonflower to create and upload their own designs on premium fabrics, wallpaper and home décor, boost their entrepreneurship by starting small businesses, or express their personal style by purchasing more. of a million models on the market. Driven by its passionate creative community and a visionary management team, Spoonflower has also experienced explosive growth over the past 18 months amid the burgeoning DIY consumer movement. It’s a highly complementary strategic fit for Shutterfly and a win / win for consumers, employees and members of our creative community.
Headquartered in Durham, North Carolina and with an international office in Berlin, Germany, Spoonflower is a global marketplace offering custom and print-on-demand fabrics, wallpapers and home décor, designed by independent artists from across the world. whole world. In addition to artists, Spoonflower’s diverse community also includes manufacturers, consumers, interior designers, and small business owners. The acquisition follows a year of record revenue growth for Spoonflower, which boasts more than one million designs.
Ms Schneider added, “The Research Triangle Park (RTP) area – the technology hub encompassing Raleigh, Durham and Chapel Hill, NC – is also home to a talented workforce and entrepreneurial culture. We are delighted to have a growth pole in RTP for future expansion through Shutterfly. ”
With 3.3 million unique creations and 4,000 new designs uploaded on average per day, this acquisition also builds on positive winds for the creative economy, a $ 2.25 trillion industry. According to Coresight Research, manufacturers are a rapidly growing segment driven by the massive increase in creative professionals using online platforms to market and sell unique designs on a variety of products.
“Shutterfly is truly our ideal partner,” said Michael Jones, CEO of Spoonflower. “Not only will Spoonflower now allow Shutterfly consumers to purchase custom artist design creations in addition to personalizing their own, but we will also unlock the ability to reach new audiences and grow small businesses in our amazing community. creative thanks to Shutterfly’s manufacturing expertise and large customer base. We are simply delighted to join the Shutterfly family. ”
Spoonflower will maintain its distinct brand, culture and team structure. Michael Jones will continue to lead Spoonflower, reporting to Hilary Schneider, CEO of Shutterfly.
Committed to making all life experiences unforgettable, Shutterfly is a leading digital retailer and manufacturing platform for photography and personalized products. Shutterfly operates three divisions: a Consumer division, Lifetouch and Shutterfly Business Solutions. The Consumer Division helps customers make the most of life’s moments with its signature personalized Shutterfly products; premium offers in its Tiny Prints store; Personalized Snapfish photo gifts, as well as wedding invitations and stationery; and GrooveBook, an iPhone and Android app and subscription service that prints up to 100 mobile phone photos in a GrooveBook and mails it each month. Lifetouch is the national leader in school photography, built on the enduring tradition of “Photo Day” and also serves families through portrait studios and other partnerships. Shutterfly Business Solutions provides enterprise digital printing services that enable effective and efficient customer engagement through personalized communications. For more information, please visit www.shutterflyinc.com.
Spoonflower is a leading ecommerce enabler that connects and empowers artists, creators and consumers in the creative economy. The company’s on-demand digital printing platform has revolutionized the textile industry by developing an environmentally friendly, sustainable and scalable manufacturing process. With Spoonflower, consumers can either design their own designs on premium fabrics, wallpaper and home goods, or purchase from a leading marketplace of over 1 million designs and 3.3 million designs. . Today, Spoonflower is the design destination for its loyal global audience that values self-expression and aspires to turn their entrepreneurial dreams into successful small businesses. Main investors in Spoonflower include Growth capital Equities and Bull City Venture Partners. KeyBanc Capital Markets Inc. acts as Spoonflower’s exclusive financial advisor. For more information on Spoonflower, visit www.spoonflower.com.