Canadian e-commerce retailer TeamBuy.ca has acquired FabFind.com, a Toronto-based site aimed at the luxury market.
Initially a Groupon-style group shopping service, TeamBuy later expanded its e-commerce offering to include flash sales. The purchase of FabFind will allow the retailer to further extend its reach in the lifestyle category.
“We’ve chosen FabFind to diversify our offering and penetrate the lifestyle e-commerce business,” said TeamBuy CEO Ghassan Halazon. “Jumping into the luxury lifestyle category is a real game-changer as we are now gaining and attracting new customers to a niche offering that is yet to be fully explored in Canada.”
FabFind’s member database also gives TeamBuy the chance to expose a group of young, aspirational consumers to its other offerings, including its travel property, SellOffVacations.com, and the daily deals that currently account for half of the company’s sales.
TeamBuy did not disclose the cost of the acquisition.
