The Salone del Mobile is postponed, Interior Define pockets $30 million and more
This week in design, a cozy-looking home library won hearts on Twitter for its overflowing range of books –The New York Times, meanwhile, has rediscovered its true origins. Stay in the know with our weekly roundup of headlines, launches and events, recommended reading, and more.
Economic news
The Salone del Mobile has been postponed from April 5-10 to June 7-12 due to security concerns related to the current wave of COVID-19. The president of the Milan furniture fair, Maria Porro, released a statement explaining that the event organizers hope the postponement will improve the participation of international exhibitors and attendees in the 60th anniversary edition of Salone del Mobile, which will focus on the theme of sustainability. The decision comes after last year’s postponement, which moved the show from its traditional April date to a September slot, and follows the recent cancellation of IMM Cologne in Germany, the postponement of Maison&Objet in France and the Stockholm Furniture & Light Fair in Sweden – and, most recently, the postponement of the European Fine Arts Fair in Maastricht, the Netherlands. Originally scheduled for March, the Dutch fair has also been rescheduled and will be held June 25-30 for its 35th anniversary.
Private equity firm 3G Capital has agreed to acquire a majority stake in Dutch awning and roller shutter company Hunter Douglas for an enterprise value of approximately $7.1 billion, or 175 euros per share, Reuters reports. 3G is best known for investing in the food and beverage sector through companies such as Kraft Heinz and Burger King, and will operate a 75% stake in Hunter Douglas. The Sonnenberg family, which founded the window treatment maker in 1919, will retain a 25% stake. David Sonnenberg will assume the role of executive chairman upon closing of the deal, replacing his 87-year-old father Ralph Sonnenberg. During this time, Joao Castro Neves, a senior partner at 3G Capital, will serve as managing director.
In related news, it’s been two years since Apple, Google and Meta pledged to spend a combined $4.5 billion to create more than 40,000 new homes in their home state of California. The real deal reports. So far, however, the tech giants have only funded the completion of 1,500 homes. The move came in response to the Bay Area’s increasingly tough housing market — rents jumped around 70% in San Francisco and San Jose from 2010 to 2019, with each tech company experiencing further expansion. and recruiting the highest paid employees. While part of the problem can be traced to ongoing supply chain issues in the homebuilding industry and restrictive zoning laws, some land-use consultants have speculated on the motivations behind the initiative. They speculated that perhaps each pledge was timely to shine a positive light on each company to distract from its role in the overall housing crisis. Google’s pledge, for example, came after battling disgruntled residents and community groups to get a new campus project approved in San Jose.
Vanguard Furniture has acquired a former Drexel Furniture manufacturing facility in Morganton, North Carolina, Furniture today reports. The company plans to restore, refurbish and install new equipment at the 163,000 square foot factory in time for operations to begin in April – a start it says will create up to 150 new manufacturing jobs. According to a statement from Vanguard, the purchase was made in response to record demand the company experienced in the fourth quarter of 2021, combined with ongoing supply chain issues that have made domestic manufacturing more desirable in recent months. . “Despite the problems this has created, a good thing coming from supply chain issues is the re-emergence of American manufacturing,” Vanguard’s president said. Andy Bray Recount FT. “We want to fully control materials and quality. And manufacturing closer to our customers reduces transportation costs and delivery times.
Online carpet retailer Rugs Direct has acquired Lightopia, an omnichannel lighting retailer for residential and commercial customers, at an undisclosed price, Accents for the home today reports. Following the purchase, the CEO of Rugs Direct Myles Felsing will take over the general management of the combined company, while the director of Lightopia Ken Vick will serve as Executive Vice President of Sales. According to a statement from Felsing, category expansion, including a more recent pivot in soft décor, is key to Rugs Direct’s long-term strategy.
Big box retailers are investing in home organization solutions to drive sales in the housewares sector, Modern retail reports, after the category grew at three times the rate of the overall Home category year-over-year from December 2020 to November 2021. Recent examples include Walmart, which announced that it would collaborate with The Home Edit on a collection of “starter packs” for home organization; » Amazon, which launched a new section on its site dedicated to organizational solutions; and Target’s new home organization brand, Brightroom.
Horizon Technology Finance Corporation, a company that provides secured loans to venture-backed companies in technology, life sciences, healthcare and sustainability, has closed a loan facility at $30 million risk to director-to-consumer customizable furniture brand Interior Define, Inc. With the group’s investment, Interior Define will aim to expand its product portfolio in the coming years, as well as execute plans opening of 30 stores in 2022 alone.
Launches and collaborations
Corey Damen Jenkins signed a licensing partnership with Hancock & Moore and Maitland-Smith, both part of the Rock House Farm family of brands. The designer’s first collection under the collaboration will debut in October 2022 at High Point Market and will include 20-25 styles ranging from sofas, chairs, bar stools, tables, desks, dining chairs to dining room and a bar cabinet.
French perfume brand Diptyque has launched its very first wallpaper collection. The company was established in 1963 by friends Desmond Knox-Leet, Christiane Gautrot and Yves Coueslant as an exhibition space to showcase the group’s upholstery and fabric designs, before moving on to candle making. The new line draws inspiration from the brand’s beginnings and archival tapestry designs with a variety of styles, including the nature-based trio Landscape, Les Lilas and Jardins; the mosaic inspired by pointillism; and a cloud-like pattern called Odalisque.
Ten percent of the 750 million gallons of paint purchased each year go to waste, and newly launched startup Up Paint aims to provide a solution: The company recycles used paint from drop-off points across the country, treating and purifying leftovers. before adding new pigments to create one of the 18 colors in the brand’s range. The company partnered with non-profit Paint Care and recycling company GreenSheen to create the collection, available both online and in the Tractor Supply chain of stores.
recommended reading
Buying a matching furniture set may be the best and easiest way to decorate the home, but that doesn’t mean it’s the only option. For Beautiful house, Hadley Keller argues against sets of parts in a box, describing alternative ways to easily and cheaply fill a space for an outcome that always feels personal to its inhabitants. “If there’s one thing I hope two years in our homes has taught us, it’s to have a little fun with decorating,” Keller writes. “Don’t color in the lines – or buy in the box (set ed).”
As homeowners have combed through the old clutter and sought out interior design services in recent years, professionals have found themselves faced with a new challenge: integrating beloved collections of all kinds into their design schemes. . From automobiles to vintage magazines, the wall street journal has collected some of the best examples of the phenomenon.
In memory
Last week, 24 years Brianna Kupfer died after an attack inside the Croft House furniture store in Los Angeles, where she had been employed for just over a year. According to Los Angeles TimesKupfer was originally from the Pacific Palisades area and had studied exterior design at the University of California, Los Angeles Extension while working at the store. Kupfer was “smart, confident, calm and loved by her colleagues in the store”, co-owner of Croft House Riley Rea says the newspaper. “I am absolutely devastated for her and her family. It seems so disgusting and unexpected. Truly, there are no words to express how shocked we are to lose such a wonderful person.”
Homepage image: Courtesy of Diptyique
