Wayfair Timeline and Company Information

• Wayfair is an American e-commerce company that sells furniture and home goods online.

• The company was founded in 2002 by Niraj Shah and Steve Conine.

• It underwent a rebranding in 2011, becoming known as Wayfair.

• As of July 2012, Wayfair owned over 200 online shops, most of which were niche shops.

• In March 2014, T. Rowe Price led a $157 million pre-IPO financing, valuing the company at more than $2 billion.

• In late June 2014, the company again relocated its headquarters to 4 Copley Place.

• In October 2014, Wayfair raised over $300 million through an IPO on the New York Stock Exchange.

• In July 2015, Wayfair sold its Australian business to JB Hi-Fi.

• Wayfair, Inc. is a company that sells furniture online.

• In 2017, Wayfair spent more than $500 million in advertising.

• In 2018, Wayfair added an additional 2,000 employees.

• In 2019, Wayfair announced that its first permanent physical storefront would open in the Natick Mall.

• In 2020, a lawsuit was filed against Wayfair, claiming the company's executives misled investors. The case was dismissed.

• In May 2019, Wayfair was added to the Fortune 500 list for the first time.

• Wayfair is a online retailer that specializes in home goods and furniture.

• In June 2019, employees announced plans to walk out in protest of a BCFS contract to sell beds to temporary migrant detention camps.

• Wayfair leadership responded indicating they would not terminate the order, and did not indicate they would donate the profit from the order (approximately $86,000) to charity, as the letter requested.

• Congresswoman Alexandria Ocasio-Cortez expressed her support for the employees and the walkout.

• On June 26, 2019, several hundred Wayfair employees walked out.

• In late October 2019, the company announced it had hired 1,500 people in the last quarter, had a net loss of $272 million, and a revenue increase of 36 percent over the previous year.

• In February 2020, Wayfair announced a layoff of 550 employees or about three percent of their global workforce.

• The CEO's letter notes severance packages of 10 weeks pay minimum to US-based employees. Those packages are expected to cost the company between $30 and $40 million.

• As of August, 2019, Wayfair is facing losses and a stock shrinkage of 70% from the beginning of the year through August.

• The company expects to spend more than $1 billion in marketing and advertising in 2019.

• As of October 2021, the board of directors is: Niraj Shah (CEO), Steve Conine (COO), and Brian Cornell (CFO).

Test your knowledge of Wayfair with this quiz covering the company's history, milestones, and notable events such as their IPO, physical storefront opening, employee walkout, and financial updates.