Well.ca, the country's largest online health and beauty retailer, is set to expand further with a $1.1-million investment from a group led by Jordan Banks, former head of EBay Canada.
Health and beauty retailing is one of the bright lights of the recession, and Well.ca is one of the beneficiaries. Even in the downturn, it has seen its annual sales, estimated at between $2-million and $5-million, quadruple in the past year.
Now, the privately held online retailer has forecast that its sales could jump at least 10-fold over the next three years. Eventually, Well.ca's founder Alia Asaria could branch out into many other categories, ranging from apparel to sporting goods, its backers say.
“Health and beauty is definitely his focus in the next little while,” said Mr. Banks, managing partner of investment firm Thunder Road Capital. “And from there, who knows? I really could see him become the premier e-tailer across this continent in pretty short order.”
Well.ca, which provides free shipping, was started about two years ago by Mr. Asaria, a former Research in Motion employee.
