The Company designs, sources and sells branded kitchenware, tableware and other
products used in the home and markets its products under a number of widely-recognized
brand names and trademarks, which are either owned or licensed by the Company,
or through retailers’ private labels and their licensed brands. The Company’s
products, which are targeted primarily towards consumer purchases of moderately
priced kitchenware, tableware and housewares, are sold through virtually every
major level of trade. The Company generally markets several lines within each
of its product categories under more than one brand. The Company sells its products
directly to retailers (including through their Internet websites) and, to a
lesser extent, to distributors. The Company also sells a limited selection of
its products directly to consumers through its own Internet websites. At the
heart of the Company is a culture of innovation.
The Company’s product categories include two categories of products used
to prepare, serve and consume foods, Kitchenware (kitchen tools and gadgets,
cutlery, cutting boards, shears, cookware and bakeware) and Tableware (dinnerware,
stemware, flatware and giftware); and one category, Home Solutions, which comprises
other products used in the home (pantryware, spice racks, thermal beverageware,
food storage, neoprene travel products and home décor).
The Company has a presence in international markets through subsidiaries and
affiliate companies that are based outside of the United States. The Company
has two wholly-owned businesses based in the United Kingdom (“U.K”).
One is Kitchen Craft, acquired in 2014, a leading supplier of kitchenware products
and accessories in the U.K. and in over 70 countries. The other is Creative
Tops, acquired in 2011, a supplier of private label and branded tableware (including
La Cafetière and Randwyck brands, acquired in 2014) products in the U.K.
other countries in Europe. The Company also has a subsidiary in China to supply
kitchenware and tableware products to the market and a subsidiary based in Hong
Kong to facility the sale of its products to other parts of Asia and smaller
markets elsewhere in the world. The Company has a presence in Mexico and other
parts of Latin America (excluding Brazil) through its 30% equity interest in
Grupo Vasconia, S.A.B. (“Vasconia”), a housewares company and aluminum
manufacturer based in Mexico; a presence in Brazil through a 40% equity interest
in GS Internacional S/A (“GSI”) a wholesale distributor of branded
housewares products in Brazil; and a strategic alliance with a Canadian company
to distribute many of the Company’s products in Canada.
The Company continually evaluates opportunities to expand the reach of its brands
and to invest in other companies that operate principally outside the United
States and that own or license complementary brands. These opportunities involve
risks as the industry and foreign markets may not evolve as anticipated and
the Company’s objectives may not be achieved.
In addition to seeking opportunities to expand the Company’s international
footprint, the Company regularly evaluates potential acquisitions of businesses
or product lines to grow its product offerings and distribution in the United
States market. In December 2012, the Company acquired Fred® & Friends,
a business which designs and markets novelty housewares and other products under
the Fred® brand. The acquisition resulted in an expansion of the Company’s
Kitchenware product category to include novelty kitchen tools, tableware accessories,
party goods, personal accessories and other products. In 2014, the Company acquired
certain assets of Built NY, a designer and distributor of brightly colored,
uniquely patterned neoprene travel products, including bags, totes, cases and
sleeves, and acquired the business and assets of Empire Silver Company, a manufacturer
of sterling silver and pewter giftware products.
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