UK online retailer Play.com has hired Lazard Ltd to help it finance future growth.
The investment firm will explore the possibilities afforded by the sales of a stake in Play.com, according to Bloomberg. The retailer will then be able to finance growth into new product categories and potentially expand into Europe.
Play.com saw sales of about 470m last year in the UK alone, and has more than four million customers across 30 countries. Expansion would help it gain ground over its rivals, and reach out to bricks-and-mortar retailers without an online presence.
They’re in a comfortable space,” said Planet Retail analyst Greg Hodge. There’s no reason why they wouldn’t be successful as they expand.
I’m surprised they haven’t come up as an acquisition opportunity in the past because the strength it would give someone like Amazon or a retailer that could buy an online arm.”