Is Kogan Set To Expand Their Mattress Business?
Gerry Harvey loves mattresses because of the high margins they deliver, now speculation is mounting that some pillow talk is going on after David Shafer, the chief financial officer and co-founder of e-commerce star Kogan, and Adir Shiffman, the chairman of ASX-listed Catapult Sports and fast-growing online delivery mattress business Sleeping Duck were spotted cuddling up to each other in a Melbourne restaurant.
While Kogan who also flogs mattresses, they can only manage 6 percent margin, while Sleeping Duck has EBITDA margins in the region of 35 per cent which has not gone unnoticed by Shafer who met up with Shiffman at Melbourne’s techie hotspot Glovers Station.
The AFR speculated whether this lunch was a friendly chinwag, involved talk of a partnership, or investment into Sleeping Duck is anyone’s guess.
The customisable mattress outfit founded by Winston Wijeyeratne and Selvam Sinnappan is thought to have fielded offers from interested private or venture capital investors ahead of a potential initial public offer next year with speculation now mounting that Kogan could be looking at the business.
The AFR claims that Restaurant Glovers Station in the suburb of Elsternwick was founded by the hospitality team behind another Elsternwick restaurant, Carter Lovett. The latter is also now attracting Melbourne’s tech crowd. Regulars include Square Peg Capital venture partner and Onestack co-founder Gavin Appel.
Others frequenting the restaurant include e-commerce entrepreneur, Catch Group founder and new author Gabby Leibovich – when he’s taking a break from spruiking his new Catch of the Day business book.