Kogan.com Ltd

What does Kogan.com own?
Kogan.com owns the Kogan retail brand, Dick Smith online electronics store, Matt Blatt furniture, and Mighty Ape in New Zealand. The company also operates digital services including Kogan Mobile, Kogan Internet, Kogan Insurance, and Kogan Travel. These businesses are consolidated under Kogan.com Ltd, the ASX-listed parent entity.

Is Kogan.com publicly traded?
Yes, Kogan.com Ltd is publicly traded on the Australian Securities Exchange under the ticker symbol KGN. The company listed in 2016 via a reverse takeover and has been publicly traded since. Shares are widely held by institutional investors, index funds, and retail shareholders.

Who founded Kogan.com?
Ruslan Kogan founded Kogan.com in 2006 in Melbourne, Australia. He started the business from his parents' garage, initially selling a single model of LCD television sourced directly from a Chinese manufacturer. Kogan remains as CEO and executive chairman and maintains a significant ownership stake in the company.

Where is Kogan.com headquartered?
Kogan.com is headquartered in Melbourne, Victoria, Australia. The company maintains its corporate offices and main operational facilities in Melbourne. It also operates warehouse and distribution facilities across Australia and has a subsidiary, Mighty Ape Limited, based in New Zealand.

How many brands does Kogan.com own?
Kogan.com owns four main retail brands: Kogan, Dick Smith, Matt Blatt, and Mighty Ape. The company also operates multiple digital service lines under the Kogan brand, including Kogan Mobile, Kogan Internet, Kogan Insurance, Kogan Money, and Kogan Travel.

Who owns Kogan.com?
Kogan.com is owned by its public shareholders, with founder Ruslan Kogan maintaining a significant personal ownership stake. Institutional investors and index funds hold the majority of shares. The company is listed on the ASX and has no single controlling shareholder, though Kogan's dual role as CEO and executive chairman gives him substantial influence over strategic direction.

What is Kogan.com's revenue?
Kogan.com reported revenue of AUD 488.1 million for FY2025, the year ended June 30, 2025. Gross sales were AUD 930.9 million, up 15.1% year over year. The company generated AUD 32.4 million in free cash flow and held AUD 42.1 million in cash with no external debt at year end.

Ruslan Kogan founded Kogan.com in 2006 from his parents' garage in Melbourne. He started by sourcing consumer electronics directly from manufacturers in China and selling them online at prices below traditional retail. The initial product range was narrow: a single LCD television model. The business model was simple. Cut out the middleman, sell direct, and pass the savings to consumers.

The company grew steadily through the late 2000s. Kogan expanded beyond televisions into computers, phones, and home appliances. The direct-sourcing model remained the core of the business. By 2010, Kogan had launched its own private label products under the Kogan brand, covering everything from TVs to vacuum cleaners.

In 2016, Kogan.com listed on the Australian Securities Exchange via a reverse takeover of a listed shell company. The IPO valued the business at approximately AUD 168 million. The listing provided capital and a public currency for acquisitions. Ruslan Kogan retained a substantial ownership stake and continued as CEO.

The company made several acquisitions in the years following the IPO. In 2019, Kogan acquired the Dick Smith online electronics brand, which had collapsed as a physical retailer in 2016. Kogan relaunched Dick Smith as an online-only store, leveraging the brand recognition without the overhead of physical stores. The company also acquired Matt Blatt, a furniture retailer, and Brosa, another online furniture business, expanding into home goods.

The largest acquisition came in 2020. Kogan bought Mighty Ape, a New Zealand-based online retailer, for approximately AUD 122 million. Mighty Ape had a strong following in New Zealand for toys, games, and geek culture products. The acquisition gave Kogan a meaningful presence in the New Zealand market. However, the integration proved difficult. A website platform migration in 2024 caused operational disruptions during peak trading, impacting both performance and customer experience. In FY2025, Kogan wrote down AUD 46.3 million in goodwill associated with the Mighty Ape acquisition, reflecting the challenges and softer retail conditions in New Zealand.

The COVID-19 pandemic created a surge in online shopping that temporarily boosted Kogan's revenue. The company overordered inventory to meet demand, but as physical retail reopened, excess stock became a problem. FY2022 and FY2023 were difficult years, with accumulated statutory losses and inventory write-downs. The company reported a statutory net loss of AUD 39.5 million in FY2025, driven by the Mighty Ape goodwill impairment.

By FY2025, the core Kogan.com business had recovered. The company grew its active customer base by 35% to 3.5 million, increased gross margin to 38.9%, and generated AUD 32.4 million in free cash flow, up 40% year over year. The board declared a final dividend of 7.0 cents per share, bringing total FY2025 dividends to 14.0 cents per share.

In 1HFY26 (the six months ended December 31, 2025), Kogan.com reported revenue of AUD 287.6 million, up 5% year over year. Cash increased to AUD 71.8 million. The Kogan.com segment delivered adjusted EBITDA of AUD 27.6 million at an 11.9% margin, while Mighty Ape reported an adjusted EBITDA loss of AUD 3.2 million. By May 2026, the company reported that group adjusted EBITDA margin had reached 8.5% for the 10 months ended April 2026, with Kogan.com achieving 11.5% margins. Mighty Ape performance improved materially in the most recent four months.

Kogan.com has faced regulatory scrutiny from the Australian Competition and Consumer Commission (ACCC). In 2016, the ACCC issued infringement notices to Kogan for making false or misleading discount claims during a promotional campaign. Kogan paid penalties of AUD 32,400 without admitting liability. The ACCC found that Kogan had inflated reference prices to make discounts appear larger than they were.

The company has also faced criticism over warranty and customer service practices, common issues for online retailers operating on thin margins. Consumer advocacy groups have raised concerns about return policies and repair times for faulty products. Kogan has responded by improving its customer service operations and compliance processes.

The Mighty Ape acquisition has drawn scrutiny from shareholders due to the AUD 46.3 million goodwill write-down in FY2025. The write-down reflected operational disruptions from a platform migration and softer retail conditions in New Zealand. The company has defended the acquisition's long-term strategic value while acknowledging short-term execution issues.