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Wayfair Inc (NYSE:W) fell as much as 3 percent Wednesday after rival IKEA announced upcoming test-sales of its products on online retail sites. IKEA has only ever sold through its own websites and warehouse-showcase stores, and expanding access could poach consumers from competitive brands.
This isn’t the first time Wayfair investors sold off on industry news. In April, the stock fell on reports that Amazon.com, Inc. (NASDAQ:AMZN) was in talks to distribute for scores of furniture retailers.
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Citron Research’s Andrew Left has long professed Wayfair's sensitivity to disruptions in the home goods space, considering moves by Wal-Mart Stores Inc (NYSE:WMT) and Amazon to expand their product offerings.
"I have [Amazon' CEO] Jeff Bezos and I have Marc Lore from Wal-Mart who have not yet competed in this space but have said, 'We are going to start getting more aggressive on furniture,’" Left told Benzinga in May.
The short-seller maintains a negative outlook on Wayfair.
While IKEA management declined to identify retail platforms targeted for distribution and poised to heighten competition for Wayfair, a Reuters report posited Amazon and Alibaba Group Holding Ltd (NYSE:BABA) as potential partners.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.