Australian e-commerce entrepreneur Ruslan Kogan has bought Dick Smith's intellectual property and plans to change it to an online-only consumer electronics retailer.
Kogan announced today that he plans to continue the legacy of the brand, saying he will keep it locally-owned and run.
He's verified on Twitter and is worth an estimated $315 million, but who exactly is Ruslan Kogan?
Kogan, 32, grew up in Melbourne in a working-class family to parents who immigrated to Australia with $90 to their name.
As a child Kogan became interested in technology, building his first computer at just aged nine.
Since then he has launched 20 businesses, including cleaning and reselling used golf balls, a car wash operation, a mobile phone repair business and more recently a web design agency.
He attended Melbourne High School where he completed his schooling top-of-the-class, before receiving a scholarship to complete a Bachelor of Business Systems at Monash University.
The entrepreneur runs an existing online electronics business, kogan.com, which he founded in 2006 selling televisions online from the garage of his parents' house.
He has received a string of awards including Ernst & Young Entrepreneur of the Year in 2012, Deloitte Technology Fast 50 two years in a row, Top 50 Most Influential People in Tech by The Australian and The Australian Top 5 Young Chief Executives, and has worked in the IT department for companies such as Bosch, GE and Telstra.
There is a strong history of passion in the Dick Smith community for how technology can improve our lives, and we look forward to helping make it more affordable and accessible for all.
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he plans to resurrect the Dick Smith brand that was damaged after the company's collapse in January.
"Dick Smith is one of the most iconic Australian retail brands and we will be able to leverage the millions of dollars we've invested into online retail systems and architecture over the last decade to sustainably run the business."
He plans to invest in nurturing the Dick Smith community and will take over the online company from June 1.
"I remember as a kid always visiting Dick Smith to look for parts to upgrade my computer. There is a strong history of passion in the Dick Smith community for how technology can improve our lives, and we look forward to helping make it more affordable and accessible for all."
Kogan is verified on Twitter and actively shares various thoughts and comments to more than 17,000 followers.