Purplebricks to enter U.S. market later this year

24 Feb 2017

In a rather unusual move, Purplebricks, a company listed on the London Stock Exchange (LSE), announced today that it will enter the U.S. market “in the second half of 2017”. More common, is that companies announce their entries into new markets after the fact.

At this stage, Purplebricks is active in the U.K. and Australia (here). Here are a few quotes from the official announcement. (For the entire news release, go here.)

“The directors (of Purplebricks) consider expansion of the company’s business, and the Purplebricks brand, into the U.S. real estate market to be the (appropriate) next step in the company’s rapid expansion. 

“The U.S. real estate market, which management estimates to generate about $70 billion U.S. annually in real estate commission, remains highly fragmented.

“The directors consider that there is now a significant opportunity to make a meaningful and lasting impact on the U.S. real estate market…

“Initially, Purplebricks will strategically roll out in a defined number of U.S. states, before rolling out more widely across other states.

“The launch will be led by Eric Eckhardt, our U.S. chief executive officer. He will be supported by Michael Bruce, founder and Group CEO, and his brother and co-founder Kenny Bruce.”

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Christo Volschenk

Christo Volschenk is managing editor of the news on Aimgroup.com and our senior analyst covering Naspers. He brings more than 30 years of experience in business journalism to the team. The last 17 years he focused on classifieds and e-commerce. Apart from working closely with AIM Group, Christo is a freelance journalist, online editor, and translator. Before branching out on his own, he spent 15 years with Naspers in South Africa, where he worked as journalist, economics editor and online project manager. He now spends most his day editing the news reported by 18 colleagues in 18 countries from his base in Stuttgart, Germany.