Wayfair Inc. is an American online retailer of home goods and furniture. Founded in 2002, it was previously called CSN stores. The company’s digital platform includes more than 22 million items from over 16,000 suppliers around the world. They are based in Boston, Massachusetts.
|Founded by||Niraj S. Shah and Steve Conine|
|CEO||Niraj S. Shah|
|Company based on||American online retailer of home goods and furniture|
|No. of Employees||16,120|
|Wayfair Net Worth||$14.1 Billion (Last Updated 2022)|
Wayfair Net Worth
In 2019, the company had net revenue of more than $9 billion and provided over 14 million items. Their advertising and marketing expenditures were expected to exceed $10 billion in 2019.
As of 2022, Wayfair has a net worth of $14.1 billion, and sells more than 22 million items for household furnishings, sourcing goods from more than 16,000 suppliers.
Wayfair founders’ story
Both Shah and Conine were studying engineering at Cornell when they met. In a room in Conine’s house, the two co-founded Wayfair in Boston. Racksandstands.com, which sold media stands and storage furniture, was the company’s first website. It went on to acquire over 250 sites, such as EveryGrandfatherClock.com and HotPlates.com.
Niraj Shah and Steve Conine, a pair of friends who wanted to start their own business founded Wayfair in August 2002 – although not under its current name. Initially, the store was called CSN Stores (the initials of Conine and Shah), a collection of over two hundred websites offering everything from furniture to stools and even birdhouses.
They noticed a trend in the early 2000s that people started buying furniture online in order to have more choices. Eventually, they created anywhere from 350 to 370 different sites selling various types of furniture.
Rebranding in 2011
Conine and Shah decided to rebrand CSN Stores as Wayfair in 2011 so they could unify the company and direct traffic to one site. Wayfair was a place to find hundreds of items that form a regular and integral part of our homes.
Approximately 16,122 employees work for the company in North America (mostly in the US and Canada) and Europe (mostly in Germany, UK, and Ireland).