Utrecht-based fonQ, an online store that helps users decorate their homes, announced on Wednesday February 6 that it has acquired Amsterdam-based Naduvi to strengthen its two existing home & living brands.
Naduvi: Outlet selling interior items
Founded by Itai Gross, NADUVI is an online home and lifestyle store that offers over 250 brands and 25,000 products at discounts ranging from 30% to 80%. The platform allows brands to sell and ship directly to consumers.
Our combined scale and capabilities will allow us to further focus on Home & Living’s unique product offering and customer journey. Both brands will continue to exist with their own positioning.
As part of the acquisition, Itai Gross has been appointed CEO, succeeding Jeremiah Albinus, who has held the position for nearly four years.
“fonQ is a beautiful brand with a powerful proposition. The combined scale, capabilities and technology that NADUVI brings will enable us to strengthen our commercial presence. I look forward to building on the foundation fonQ has built over the past few years with our team, suppliers and partners,” says Gross.
As the founder of NADUVI, he developed a robust infrastructure that enabled direct-to-consumer shipping without warehouses. He was previously co-founder and co-CEO of Westwing Benelux.
“After 16.5 years at fonQ, transitioning from intern to CEO and building the brand, I feel it is the right moment to pass the baton and allow someone with a fresh perspective to look at the company. In my discussions with NADUVI, I saw in Itai a strong successor with the right background. I am looking forward to the next challenge ahead. But after a few difficult years, for the first time I have time for myself,” explains Albinus.
Both Jeremiah and Itai are and will remain shareholders of the merged entity.
Ad Scheepbouwer, Chairman of the Board: “We are in a difficult market where fonQ must remain competitive. This acquisition ensures this. As a board member, we are confident that the capabilities of Itai and the NADUVI team will strengthen the company. We respect Jeremiah’s decision and would like to thank him for his dedication and great cooperation over the years. We wish him every success in the future.”