HSN Inc. has done a little shopping itself.
The company’s Cornerstone Brands unit has acquired Chasing Fireflies LLC, a direct-to-consumer premium children’s and family lifestyle brand, the company announced Monday. The purchase to meant to allow HSN to participate in a fast-growing business with unique and proprietary products, strong customer loyalty and high digital penetration.
The purchase price wasn’t disclosed.
“We are excited about the opportunity to partner with the innovative team at Chasing Fireflies as we build and diversify our interactive, direct to consumer portfolio of content driven lifestyle businesses,” HSN CEO Mindy Grossman said in a canned statement. “This acquisition will leverage Cornerstone’s strong infrastructure, customer file and digital platform to drive additional growth for the brand.”
According to the press release, Chasing Fireflies co-founders Dina Alhadeff, Amy Grealish and Lori Liddle “stated collectively” that “We are delighted to join HSNI where we can further accelerate the growth in our business. Our entrepreneurial spirit complements HSNI’s culture of driving innovation, creating differentiated brands and content and leveraging multichannel customer experiences to reach new levels of performance.”
Say what? Did they all say this quote in unison? Some PR type was too lazy to draft quotes for all three of them, more likely.
The co-founders will continue to run the business and oversee day-to-day operations from their office in Seattle, while working closely with the Cornerstone team, led by CEO Mark Ethier, to drive growth.
Chasing Fireflies generated net sales of about $39 million last year.
Here is the boilerplate on Chasing Fireflies:
Founded in 2006, by three co-founders, Chasing Fireflies is a leading children’s and family lifestyle brand offering keepsake-quality apparel, gifts, accessories, and unique treasures through both digital commerce and traditional catalog sales channels.
Chasing Fireflies has rapidly developed a market reputation as the go-to provider for premium, differentiated, unique and novel children’s clothing, costumes, and celebration categories. Chasing Fireflies’ mission is to “charm, surprise, and delight” by taking the customer on a treasure hunt within its vast merchandise offering.