Office furniture giant Haworth has acquired high-end Italian furniture maker Luxury Living Group through its Italian subsidiary Poltrona Frau Group.
Luxury Living will operate under Poltrona's Lifestyle Design Division, along with brands including Cappellini, Cassina, and Luminaire. The purchase price was not disclosed.
Poltrona CEO Dario Rinero said he was considering the purchase for years. Luxury Living recently fell on tough times financially, and that persuaded Rinero to pull the trigger - as he told WWD "we feel we can help a great group that has a strong potential."
Rinero said he felt the company just needed a chance to operate within a larger group.
The company said that Olga Shvilli Vignatelli, wife of the company’s founder, will retain her role as vice president and brand ambassador of the group.
“I am excited and enthusiastic; it is a privilege for Luxury Living Group to join such a solid and farsighted group,” said Shvilli Vignatelli, “Each one of the acquired companies has preserved and fed its identity, the founders continue to contribute to their development, and the financial strength of the group has allowed investing in new stores and plants.”
Along with Fendi Casa, Luxury Living manufactures and distributes the interior design collections of a range of luxury labels, including Trussardi, Bugatti and Bentley.
With approximately 250 employees, Luxury Living operates mainly through a worldwide network of 80 retailers along with seven directly owned stores in Milan, Forlì, Paris, New York, Los Angeles and Miami. The group is also planning to reopen its London store along with two new flagship stores in Shanghai and San Francisco in 2021.
Haworth is the third largest contract furniture maker in North America. Based in Holland, Michigan, the company employs 7,500 and makes contract and office furniture; including systems furniture, office chairs and seating, desks, filing/storage, casegoods, tables and upholstered guest chairs. It saw a revenue increase of 5 percent from 2018 to 2019.