Target Corp. has struck deals to acquire Chefs Catalog and assets of Cooking.com. The e-commerce acquisitions are aimed at expanding the Minneapolis-based discount retailer's presence in the growing cooking and kitchenware market.
Target said that these transactions, which are expected to close within 30 days, present “a strategic growth opportunity.” Both brands will continue to operate under their current names and will be combined to create a new, wholly owned subsidiary of Target. Terms of the acquisitions were not disclosed.
“We are excited to bring Chefs Catalog and Cooking.com into the Target family,” said Casey Carl, president of Multichannel and SVP, Enterprise Strategy, Target, in a March 14 statement. “We know consumers are increasingly looking online for cooking solutions to make their lives easier – from utensils and cookware, to recipes. These strategic transactions provide us a great way to address this growing opportunity and will offer expanded online options for our guests.”
Tim Littleton, president and chief executive of Colorado Springs-based Chefs Catalog, will be president of the wholly owned subsidiary and will report to Carl. Tracy Randall, chief executive and co-founder of Cooking.com, will become a consultant to Target.
Cooking.com offers 30,000 SKUs through its e-commerce site and operates uniquely branded stores -- including the Food Network Store, Calphalon Store and Rachael Ray Store -- through its Powered By Cooking.com network.
Since 1979, Chefs Catalog has been selling professional grade cutlery, cookware, gadgets and kitchenware direct to consumers.
Target Corp. operates 1,784 stores in the United States and three in Canada.