Retail Ecommerce Ventures (REV) has added Stein Mart to its growing portfolio of once-struggling brands relaunched as ecommerce properties. REV acquired the intellectual property of Stein Mart for $6.02 million, $2 million above its initial stalking horse bid, with plans to take the off-price retailer online in early 2021.
The deal includes the Stein Mart nameplate as well as its private label brands, domain names, social media assets and customer data from Hilco Streambank, an IP advisory firm that had been marketing the assets. REV plans to build on Stein Mart’s earlier ecommerce efforts in the retailer’s second life.
“The company’s investments in an omnichannel platform for its offering of designer and private label fashion apparel, shoes, home décor and accessories paved the way for Steinmart.com to post double-digit sales growth and increase its average online order to $80,” said Tai Lopez, Executive Chairman of REV in a statement. “We look forward to building upon the solid foundation of existing Steinmart.com customers and introducing new loyalists to the brand by improving the online shopping experience, broadening the merchandise mix and deploying targeted social media marketing campaigns.”
REV has been on a retailer buying spree in the past year. The company acquired Dressbarn in October 2019, Pier 1 in July 2020 and Modell’s in August 2020 and has relaunched all three as ecommerce sites. The company also acquired the RadioShack brand in November 2020, with plans to reinvigorate its global ecommerce business.