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Kogan considering sale

 

Kogan websiteAustralian online retailer, Kogan, is considering a partial sale, as the electronics website aims to reach $2 billion net by 2017.

Kogan, which is 80 per cent owned by founder namesake, Ruslan Kogan, has hired KPMG to assess the retailer’s strategic options.

It is unclear what percentage of the business Ruslan Kogan, or the website’s minority owner, David Shafer, would sell to new shareholders.

Ruslan Kogan has indicated that he has no plans to exit the business. A partial sale would value the company at more than $400 million.

Kogan turned over $204 million last year and is hoping to hit around $350 million by end of 2013. The website reportedly makes $1 million in daily sales.

“Our business has been growing very fast over many years and for many years now we have had a lot of approaches with a keen interest in Kogan,” says Kogan.

“We are assessing our options for a growth partner that may be able to help us take the business to the next level.

“I have no plans to exit the business but we do have plans to grow the business to the point where it’s the biggest consumer electronics retailer in the country.”

Ruslan Kogan also owns a 50 per cent stake in e-commerce furniture retailer, Milan Direct, which was founded in 2007.

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