Lamp Works acquired by investment group
Jenny Heinzen York -- Home Accents Today, 9/1/2013 2:00:00 AM
Lamp works is now under new ownership, as the company was sold to a group of investors earlier this summer. The new principals, Jeff Zlabis, John Stipanuk and David Grady, are new to the home furnishings industry but bring with them experience in medical device, corporate insurance, manufacturing and telecom industries. Terms of the deal were not disclosed.
"We decided to purchase a dynamic business that was already established but had strong growth opportunity and room for our vision to expand," Zlabis told Home Accents Today. "We approached Lamp Works because it had well-defined market awareness, quality products and very strong price points with transitional styling."
The founders of the company, Laurie Winter and her brother Jeff Woodall, will be staying on with the company in a design capacity, he said.
"We (the new owners) are not from the industry, but bring a diverse corporate background," he said. "With our different disciplines, we can take the business to a new level by providing operational and marketing expertise, while the previous owners will continue designing for us. Ongoing, we have their strong commitment to merge efforts together, allowing them the freedom to focus and concentrate solely on design which is really their true passion."
Zlabis said the new management team is looking to boost sales, marketing and brand identification, while maintaining and expanding the product line.
"We see opportunity for growth within the hospitality market and with larger retailers," he said. "However, we want to recognize, acknowledge and maintain that retailers of all sizes have been responsible for the current base of business at Lamp Works. This is something we take very seriously and wish to maintain." This fall in High Point, the company will unveil its first licensed collection with Donny Osmond. "The brand will be ‘high style' at a moderate price point, while maintaining the high-quality standards," according to the company. According to Deb Wallace of Clique Here, Osmond's licensing agency, the line will offer a casual feel, with an emphasis on textured neutrals, natural materials and colorful accents. The launch will coincide with the 50-year anniversary of Osmond's television debut.
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