Basic.Space, the renowned online marketplace, has made a significant foray into the design world by acquiring the prestigious Design Miami/ furniture fair in an all-stock deal. While financial details remain undisclosed, this strategic move signifies Basic Space Inc.’s expanding presence in the design space.
Founded in 2019 by CEO Jesse Lee, Basic.Space initially served as a platform for pre-owned lifestyle products. Over time, it evolved to include new releases and exclusive brand collaborations. Users now have access to a diverse range of offerings, from unique clothing pieces to collectible items. This acquisition leverages Design Miami/’s esteemed reputation to enhance Basic.Space’s supply, partnerships, and design-related offerings.
Design Miami/ is renowned for its display of super-high-end design, attracting major dealers and held in iconic venues like the Hôtel de Maisons in Paris.
Beyond the merger of companies, this collaboration unites expertise. Valor Equity Partners, a venture capital firm, has invested in both Basic.Space and Design Miami/. This partnership reflects a commitment to innovation and the potential of the digital marketplace.
With substantial capital at its disposal, Basic.Space is set to execute its 2024 strategy. This plan focuses on expanding categories and making the platform more appealing to millennials and older Gen Zs with disposable income, offering affordable yet exclusive products in furniture and other lines. The vision extends to taking Design Miami/ to new cities, both domestically and internationally.
While the ink has just dried on this deal, the future holds promise: a vibrant landscape for design enthusiasts and an innovative approach to e-commerce.
