Wesfarmers has continued its post-Coles spending spree with the $230 million acquisition of online retailer Catch Group.
The Perth-based conglomerate told the ASX on Wednesday that the Catch of the Day operator would be an independent unit, albeit under the oversight of Kmart Group managing director Ian Bailey.
“This acquisition represents an opportunity to accelerate Wesfarmers and Kmart Group’s digital and e-commerce capabilities whilst continuing to invest in the unique customer and supplier proposition provided by Catch Group,” Wesfarmers managing director Rob Scott said.
The acquisition follows Wesfarmers’ $776 move for lithium developer Kidman Resources and so-far unsuccessful approach for rare earths miner Lynas, funded by last year’s demerger and spinoff of supermarket giant Coles and other assets.
Mr Bailey indicated that he would use insights from Catch’s technology platform and data capabilities to boost Wesfarmers’ other retail operations.
“We are excited to work with the Catch team and look forward to leveraging our capabilities to grow the business and accelerate the customer-driven, omni-channel initiatives across Kmart and Target,” Mr Bailey said.
At 1058 AEST, Wesfarmers shares were 0.3 per cent higher at $38.67.