Just four months since launching its first ecommerce site, Shane Bradley's ShopHQ has sold half of the company to The Warehouse.
In March, Bradley unveiled Pet.co.nz – an online store for pet owners. Pet.co.nz is the first of many online retail verticals in the works for the Sella and GrabOne founder, who sold his remaining 25 percent stake in those companies to APN last year.
Bradley tells StopPress that he was introduced to The Warehouse chief executive Mark Powell by Sir Stephen Tindall, after which a deal was struck. Bradley won't confirm how much The Warehouse paid for its bite into ShopHQ, but says it's not an extravagant figure. So far The Warehouse has not disclosed the sum to the New Zealand Stock Exchange.
Bradley says in return for ShopHQ gaining access to The Warehouse's stock and procurement clout, The Warehouse gets his ecommerce experience to help its expansion online. Or in Silicon Valley talk, he was 'acquhired'.
Currently ShopHQ has a 12-strong team working out of Newmarket in Auckland. Bradley says he expects this to increase when Pet.co.nz launches in Australia around August, especially on the warehouse and distribution front.
Asked if other market launches are in the works, Bradley says that's enough for Pet.co.nz to chew on for the next few years.
"If you look at the New Zealand and Australian pet markets combined, it holds some pretty good retail prospects for us ... However, never say never and this may change after the three to five years," he says.