Catch founders' $200m payday in Wesfarmers sale
Wesfarmers will sell a wider range of products, including food and liquor, furniture and appliances, to more customers after outlaying $230 million for one of Australia's oldest and largest online retailers, Catch Group.
Chief executive Rob Scott said the surprise deal, announced the day before the conglomerate's annual strategy update, would enable Wesfarmers to build Kmart and Target's online sales, which are currently less than 3 per cent of total sales, while tapping Catch Group's expertise in e-commerce, online fulfilment and digital marketing.
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