Comparing the current results to its competitors, Knoll Inc reported Revenue decrease in the 1 quarter 2021 year on year by -22.29 %, despite the revenue increase by the most of its competitors of 10.1 %, recorded in the same quarter.
Knoll Inc 's Comment on Competition and Industry Peers
The markets in which we compete are highly competitive. We compete on the basis
of (i) product design, including performance, ergonomic and aesthetic features;
(ii) product quality and durability; (iii) relationships with clients, architects
and designers; (iv) strength of dealer and distributor network; (v) on-time delivery
and service performance; (vi) commitment to environmental standards by offering
products that help clients achieve LEED® certified facilities and minimize
environmental impact; and (vii) price.
Some of our competitors, especially those in North America, are larger and
have significantly greater financial, marketing, manufacturing and technical
resources than us. Our most significant competitors in primary markets are Herman
Miller, Inc., Steelcase, Inc., Haworth, Inc. and, to a lesser extent, Allsteel,
Inc., an operating unit of HNI Corporation, and Teknion Corporation. These competitors
have a substantial volume of furniture installed at businesses throughout North
America, providing a continual source of demand for further products and enhancements.
Moreover, the products of these competitors have strong acceptance in the marketplace.
Although we believe that we have been able to compete successfully in the markets
to date, there can be no assurance that we will be able to continue to do so
in the future.
Competition in the Coverings segment is much more fragmented than in the Office
segment. Both Spinneybeck and Edelman serve the mid to high end of the market,
but compete against many companies, none of which has a dominant market share.
Williams Sonoma Inc's business model revolves around offering a diverse range of high-quality home furnishings, kitchenware, and specialty food items through its various retail brands and e-commerce channels. They focus on delivering exceptional customer experiences, providing expert product knowledge, and maintaining strong supplier relationships to continually innovate and satisfy their customers' needs.
Virco Mfg Corporation operates based on a business model that focuses on the manufacturing and distribution of furniture for educational institutions. The company offers a wide range of products such as desks, chairs, tables, and storage solutions specifically designed for classrooms and other educational settings. By catering to this niche market, Virco Mfg Corporation aims to provide essential and durable furniture that enhances the learning environment for students and educators alike.
Steelcase Inc operates as a leading manufacturer of office furniture and architectural interiors. The company follows a business model based on producing and selling innovative workplace solutions that enhance collaboration, productivity, and employee well-being. Steelcase also emphasizes sustainability and designs its products to have a minimal environmental impact.
Millerknoll Inc operates under a direct-to-consumer business model, selling a wide range of customizable home furniture and decor products. By bypassing traditional brick-and-mortar retail channels, the company focuses on selling its products directly to customers through its online platform, offering convenience, affordability, and a personalized shopping experience. The company also emphasizes sustainability by using eco-friendly materials and manufacturing processes.
Sources:
Knoll Inc’s official press releases and regulatory filings; CSIMarket.com’s market research; and the financial filings and press releases of other companies cited in this report.
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