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.
“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.”