Melbourne-based print-on-demand online marketplace Redbubble has bought TeePublic, a similar business with headquarters in New York City, for $41 million USD ($57.7 million AUD). The move expands Redbubble's footprint in the United States.
Both Redbubble and TeePublic allow customers to choose designs printed by artists and have them printed on items such as shirts, mugs, and pillowcases. Barry Newstead, CEO and managing director of Redbubble, said TeePublic was a good strategic fit for the company. "The opportunity to serve our artists and customers alongside TeePublic to generate even more momentum in our combined businesses is compelling. This acquisition enables us to accelerate our marketplace flywheel together and emerge as the platform with scale to disrupt mainstream retail commerce.
"We are excited to have completed the acquisition of TeePublic and warmly welcome the TeePublic team to Redbubble," he said. "We see tremendous potential in the combination of the two businesses and look forward to the opportunity to serve our artists and customers alongside TeePublic."
Adam Schwartz, co-founder and CEO of TeePublic, will continue to run TeePublic as part of a multi-brand strategy. "We look forward to partnering with Redbubble to bring more creativity into the world, leveraging our shared capabilities to support the artist and designer community," said Schwartz. "Redbubble’s experiences in growing its own business and developing its technology platform are a great fit for supporting TeePublic on the next steps in our journey."
Started in 2006 by three friends in Melbourne, Redbubble listed on the ASX in May of 2016 and opened a European office in Berlin last year. It is projected to make a profit in the 2018-19 financial year.