Belgian online design and lifestyle platform Decovry is acquiring Berlin-based Monoqi to become Europe’s largest marketplace for design, lifestyle items, and gadgets.
The Belgian company’s aim is to not only be the go-to product discovery platform for consumers, but also the go-to-market platform for emerging designers. Buying Monoqi and absorbing its community is a step toward creating an e-commerce solution specifically tailored to designers.
After the integration and the Monoqi brand phases out, Decovry’s membership will more than double to 5 million. The Belgian company believes its 2020 revenue from international sales will double as well. As for market share, Decovry already leads in Belgium, the Netherlands and France; acquiring Monoqi will help the business expand through the UK and Germany.
“It’s an incredible opportunity to dive into the German market. The Germans have a deep-rooted passion for innovative design and lifestyle products, and we believe we can accommodate their needs for great design deals and daily inspiration even better than before,” says Steven Coppens, CEO of Decovry.
Carole Meert, Decovry’s founder, said: “This acquisition allows us to build an even better discovery experience for our fans and design lovers. Monoqi had an outstanding scouting team and established working partnerships with over 5,000 designers. We’re thrilled to work with those designers and to feature their new products on our site. We share the same passion for new products and hand-picked design and are happy to bring the original experience back to the Monoqi community.”
The transaction is subject to final closing conditions, but no financial details were disclosed.