Narvar Acquires Kronos Care and Accelerates Expansion in Europe
Kronos Care, a startup in the LVMH accelerator program in France, will help fuel Narvar's global growth with post-purchase expertise and high-profile customer roster
SAN FRANCISCO and PARIS, Jan. 22, 2019 /PRNewswire/ -- Narvar, the pioneer in post-purchase customer engagement, today announced it has acquired Kronos Care, a Paris-based startup that enables retailers and brands to increase loyalty through branded notification experiences. A member of LVMH's accelerator "La Maison des Startups," Kronos Care's customer list in France includes Etam, Intersport, Camaieu, L'Oréal, and LVMH brands. The startup will continue operations as part of Narvar's Southern Europe team in Paris.
The acquisition comes as Narvar continues to build the broader European market for post-purchase customer experience and invest in its global footprint. Kronos Care's retail and luxury focus and Paris-based team complement Narvar's growth strategy in Southern Europe. In addition, the acquisition offers accelerated growth for Narvar's broader European goals and longer term talent advantages.
"From Narvar's earliest days, we have had a vision to simplify the lives of consumers around the world with both global scale and a localized approach," said Amit Sharma, founder and CEO, Narvar. "The acquisition of Kronos Care aligns with this vision as we continue to focus strategic investment in Europe, building on a year of successful growth in the market. We are impressed by the work that Kronos Care has done to fill the post-purchase experience need for retailers in France, and look forward to better serving our customer relationships in the region."
In the past year, Narvar has invested heavily in the European market, tripling its staff, not only in its office in London, but also adding regional teams in Munich covering DACH, and in Paris covering Southern Europe. With over 300% growth in revenue this past year, Narvar intends to more than double resources in 2019.
The acquisition of Kronos Care positions Narvar to accelerate its growth as the post-purchase leader in Europe, while also expanding its success in the luxury and beauty markets. As these retail segments grow — the global luxury market is expected to reach nearly $375B by 2020 and the cosmetics market is expected to reach over $800B by 2023 — retailers continue to grapple with replicating in-store experiences online. Narvar helps brands meet consumers' rising expectations across every touchpoint.
Effective immediately, the entire Kronos Care team — all of whom have deep expertise in retail and operations — will join Narvar's Southern Europe team and operations based in Paris. Kronos Care's customers will continue to operate on their current platform until the transition is complete.
In a joint statement from Kronos Care founders Antoine d'Espalungue and Guillaume L'Hostis, they said, "We've been committed to elevating the post-purchase experience for luxury & beauty brands since founding Kronos Care, and are proud of the traction we have achieved as a result — winning the support of LVMH and building a product that supports 40 carriers and seven languages. We are excited to join Narvar to do even greater things together, in France and around the world."
The acquisition of Kronos Care comes on the heels of significant growth and momentum for Narvar, which has added 100 clients and doubled the number of consumers it touches in the last 12 months. Today, more than 550 retailers, including 43 of the Internet Retailer 100, trust Narvar to deliver seamless post-purchase experiences that retain, engage, and delight customers. Narvar has served more than 400 million consumers worldwide across nearly seven billion interactions, 38 countries, and 55 languages.
For more information, read Amit Sharma's blog post.
About Narvar
Narvar helps retailers inspire loyalty beyond reason. As an enterprise-grade customer engagement platform serving 550+ retailers like Sephora, Patagonia, Levi's, TUMI, Gap, Home Depot, Coach, and Bose, Narvar enables seamless post-purchase experiences that retain, engage, and delight customers — from cart to doorstep, and beyond. With effortless order tracking, proactive communications, and seamless returns, Narvar applies machine learning across billions of interactions to simplify the everyday lives of consumers.
For more information, visit narvar.com.
About Kronos
Kronos Care was founded in 2017 by Guillaume L'Hostis, Antoine d'Espalungue, and Paul Gonsolin to help retailers offer a better post-purchase experience online and increase customer retention. The company attracted LVMH's attention, being amongst the first startups to be accelerated in the group's new incubator at Station F and receiving a special prize at LVMH's Innovation Awards during Viva Technology 2018. Kronos Care gained increasing traction and launched major deals with brands like Etam, L'Oréal, and Intersport in Europe.
For more information, visit kronoscare.fr.
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