DALLAS – Retail Ecommerce Ventures (REV), a company founded to give new life to businesses that struggled to succeed in the age of e-commerce, has officially relaunched Pier1.com, a new online store for home furnishings and accessories customers.
“Central to our playbook is retaining the brand’s strengths,” said Tai Lopez, executive chairman and co-founder of REV. “It’s why we retained veteran buyers from Pier 1 to reengage with vendors and bring back the merchandise our customers know and love.”
Pier 1, a 58-year-old brand, closed all of its brick-and-mortar locations this year as part of its bankruptcy plan. This past July, the investment firm acquired the rights to Pier 1’s trademark name, intellectual property, data and various ecommerce-related assets for $31 million.
“In addition to completely redesigning the look, feel and functionality of Pier1.com, we’re sharply focused on the mobile side, with iPhone and Android apps coming in Q1 2021,” said Shayan Zadeh, new Pier 1 CEO.
Lopez said the plan is to transform beloved brands like Pier 1 into Internet-first companies positioned for robust growth by retaining the brand’s strengths.
REV has hired about 15 of Pier 1’s buying, marketing and customer-support personnel. Although it was formerly based in Fort Worth, Texas, the new 30-person Pier 1 team is now located nearby in Dallas.
The relaunched online store already offers hundreds of familiar SKUs in categories such as holiday and seasonal, furniture, pillows and cushions, dining and entertaining, décor, lighting and candles, rugs, curtains, bed and bath, and outdoor.
However, shifting to an e-commerce model also frees Pier 1 of the limitations associated with brick-and-mortar portfolios, according to Zadeh. “It means we’re able to add hundreds of exciting new SKUs to Pier1.com even as we explore a wider array of potential new offerings,” he said.
REV hired veteran Pier 1 executive Brian Thompson, the brand’s former director of global sourcing, to serve as chief merchandising and supply chain officer.