Tableware - Home + Housewares Industry News - HomePage News https://www.homepagenews.com/category/home-housewares/tableware/ the home + housewares business authority Fri, 17 Nov 2023 18:29:50 +0000 en-US hourly 1 https://wordpress.org/?v=6.3.2 https://www.homepagenews.com/wp-content/uploads/2021/04/cropped-favicon-32x32.png Tableware - Home + Housewares Industry News - HomePage News https://www.homepagenews.com/category/home-housewares/tableware/ 32 32 Sunbrella Announces ‘ReMade’ Line of Upcycled Home Goods https://www.homepagenews.com/home-housewares/sunbrella-announces-remade-line-of-upcycled-home-goods/ https://www.homepagenews.com/home-housewares/sunbrella-announces-remade-line-of-upcycled-home-goods/#respond Fri, 17 Nov 2023 18:29:46 +0000 https://www.homepagenews.com/?p=291103 Sunbrella, a manufacturer of fabrics for outdoor and indoor furnishings, launched ReMade, a line of one-of-a-kind home goods made from upcycled Sunbrella fabrics. The ReMade offering includes tabletop accessories, home textiles, wall hangings and tote bags. 

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Sunbrella, a manufacturer of fabrics for outdoor and indoor furnishings, launched ReMade, a line of one-of-a-kind home goods made from upcycled Sunbrella fabrics. The ReMade offering includes tabletop accessories, home textiles, wall hangings and tote bags. 

“While we have long prioritized sustainable practices, Sunbrella ReMade represents a new extension of our commitment to sustainability as we look to further connect our design team’s expertise to the circular economy,” said Allen Gant III, general manager of lifestyle products at Sunbrella. “Finished home goods made from repurposed industry-leading performance fabrics were missing in the marketplace and we’re glad to give consumers another option where performance, sustainability and elevated design can coexist without compromise.”

Sunbrella ReMade utilizes the excess fabrics from the brand’s design and manufacturing process, including sample sets, design trials, short rolls and other sources. The fabric is upcycled into coasters, placemats, table runners, aprons, tote bags and wall hangings that double as picnic blankets.

The line was developed in partnership with sustainability leader Recircled for the company’s ability to embrace complexity and produce bespoke products, said Sunbrella. Like all Sunbrella fabrics, each product features the brand’s Color to the Core technology, designed to keep each fiber of yarn saturated to the core with UV-stable pigments for products that are weather- and stain-resistant.

The ReMade line is the latest step in Sunbrella’s commitment to sustainability which includes the Recycle Me Sunbrella program that provides manufacturing partners and consumers with an alternative outlet for disposal and has recycled more than one million pounds of fabric. The brand, in conjunction with parent company Glen Raven is on track to be 100% powered by certified renewable electricity by 2025 and carbon neutral for Scope 1 and 2 emissions by 2030.

All ReMade products will be available for purchase on remade.sunbrella.com allowing consumers to view the design, fabrics and colors of each unique piece. New pieces will be added frequently, according to Sunbrella.

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Yeti Beats Street Despite Recall Costs https://www.homepagenews.com/home-housewares/yeti-beats-street-despite-recall-costs/ https://www.homepagenews.com/home-housewares/yeti-beats-street-despite-recall-costs/#respond Thu, 09 Nov 2023 19:35:35 +0000 https://www.homepagenews.com/?p=290502 Despite having to deal with recall complications, Yeti Holdings beat a Wall Street earnings and sales forecast with introductions helping to drive results.

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Despite having to deal with recall complications, Yeti Holdings beat a Wall Street earnings and sales forecast with introductions helping to drive results.

Net income was $42.7 million, or 49 cents per diluted share, versus $45.5 million, or 52 cents per diluted share, in the year-before quarter, the company reported. Adjusted for one-time events, net income came in at $52.9 million, or 60 cents per diluted share, versus $54.7 million, or 63 cents per diluted share, in the year-previous period.

A Yahoo Finance-published analyst consensus estimate for the quarter had adjusted diluted earnings at 54 cents and revenues at $426.4 million.

Net sales were $433.6 million, basically flat to $433.6 million in the year-earlier quarter.

By sales channel and category, according to Yeti, year over year:

  • Direct-to-consumer channel sales increased 14% to $259.5 million due to growth in Drinkware as well as Coolers and Equipment.
  • Wholesale channel sales decreased 16% to $174.1 million due to a decline in Drinkware as well as Coolers and Equipment.
  • Drinkware sales increased 6% to $253.3 million, led by strong demand for Rambler straw lid mugs, expanded offerings in Rambler and Yonder bottles, a new beverage bucket and additional seasonal colorways.
  • Cooler & Equipment sales decreased 8% to $171.5 million, primarily due to the stopped sale of the soft coolers affected by the recalls. Despite strong overall consumer demand, hard coolers declined year-over-year primarily due to the success in rebuilding channel inventory during the same period last year. Strong performance in the existing Hopper Flip soft cooler line, as well as cargo, partially offset the impacts.

Yeti indicated that operating income was $61.9 million versus $68.5 million in the year past quarter, as adjusted operating income was $71.4 million versus $73.3 million.

Yeti pointed out that its adjusted measures exclude the impact of the voluntary recalls. In February 2023, the company proposed a voluntary recall of its Hopper M30 Soft Cooler, Hopper M20 Soft Backpack Cooler and SideKick Dry gear case and established reserves for unsalable inventory on hand and estimated product recall expenses as of December 31, 2022, related to gift card redemptions in connection with recall remedies. The company added that 2023 results have been materially pressured by gift card redemptions in connection with recall remedies as well as the stop sale of the soft coolers included in the recalls initiated during the first quarter of this fiscal year.

Matt Reintjes, Yeti president and CEO, said in introducing the financial results, “Our third quarter results demonstrate the continued and consistent execution of the Yeti growth playbook, driving strong brand and product interest while setting up the business for long-term, sustainable growth. Sales in the quarter were in line with our prior outlook, as a diverse range of new product offerings drove strong consumer demand across our major sales channels. Gross margin performance remained exceptional and above expectations, led by strong partnerships with our suppliers on product cost and the ongoing optimization of our transportation and logistics expenses. These gains continue to support growth-focused investments across our business while still driving upside to our bottom line. In addition to disciplined execution during the third quarter, we also successfully launched our expanded line of Hopper M Series soft coolers back to the market earlier in the fourth quarter. We are well positioned to build upon our leadership position in the soft cooler category as these products are more fully distributed across our channels into next year. In addition, we have extended a key customization capability across our global business with the debut of our first e-commerce customization options outside of the U.S. Our consistent ability to drive innovation, combined with our unique omnichannel approach to reaching consumers and our continued brand investments, builds a strong and scalable platform for future growth.”

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Centre Lane Completes Purchase of Instant Brands Appliances https://www.homepagenews.com/home-housewares/appliances/centre-lane-completes-purchase-of-instant-brands-appliances/ https://www.homepagenews.com/home-housewares/appliances/centre-lane-completes-purchase-of-instant-brands-appliances/#respond Thu, 09 Nov 2023 16:28:10 +0000 https://www.homepagenews.com/?p=290477 Instant Brands announced it has completed the sale of its appliance business, including the Instant Pot brand, to an affiliate of Centre Lane Partners.

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Instant Brands announced it has completed the sale of its appliance business, including the Instant Pot brand, to an affiliate of Centre Lane Partners.

Instant Brands, which filed for Chapter 11 protection in June of 2023, reported in early October the U.S. Bankruptcy Court for the Southern District of Texas approved the company pursuing the sale of its housewares and appliance businesses in separate transactions to affiliates of Centre Lane.

Private equity firm Centre Lane owns Lenox Corporation, which includes such brands as Lenox, Reed & Barton, Oneida, Hampton Forge, Cambridge and Kate Spade New York.

Instant Brands continues to market such housewares brands as Corelle, Pyrex, Snapware, CorningWare, Visions and Chicago Cutlery.

“We are pleased to complete the sale of our appliance business to Centre Lane, who we believe is a great home for our appliance business as well as the employees that support it,” said Ben Gadbois, president and CEO of Instant Brands. “We strongly believe that with an adequate capital structure, Instant Brands will be in a much stronger position to support its products and continue to launch new innovative products globally. Finally, we want to thank all of our retail partners and suppliers that have continued to support us during this process.”

Instant Brands reported it is continuing to work on the ownership transition of its housewares business and will provide an update in the coming weeks.

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Housewares Brands Among Oprah’s Favorite Things 2023 https://www.homepagenews.com/home-housewares/housewares-brands-among-oprahs-favorite-things-2023/ https://www.homepagenews.com/home-housewares/housewares-brands-among-oprahs-favorite-things-2023/#respond Thu, 02 Nov 2023 17:03:10 +0000 https://www.homepagenews.com/?p=290197 Oprah Winfrey's annual Favorite Things list was released for 2023 with gifts spanning many categories including several home and housewares products.

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Oprah Winfrey’s annual Favorite Things list was released for 2023 with gifts spanning many categories including several home and housewares products.

Oprah introduced the list on OprahDaily.com with the statement, “This has been a year, hasn’t it? With so much happening, it makes sense that we want to celebrate with friends, family, the whole community of people we hold in our hearts all year long. So we’ve looked across the country (and a little beyond) to find just the right gifts for the people you love, adore and thank heaven for. Shop from this list, and you’ll support a variety of BIPOC-, women- or veteran-founded companies. You’ll not only find terrific presents but also support people who stepped out on a dream to make those gifts happen. Don’t you love that?”

This year’s list categorizes the products into stylish, cozy, kids’, kitchen, engaging, beauty, food and wellness gifts. Each item on the list includes a quote from Oprah describing the benefits of the item and why you should purchase it for yourself or others. Products on the list are available on Amazon.

Housewares gifts on the list include:

Kitchen Gifts

  • Sophistiplate Maple Leaf at Home x Meg Quinn Charcuterie Map Board
  • Sister.ly Drinkware Clear Double-Wall Glass Coffee Mug
  • Le Creuset Bread Oven
  • Etu Home Crock and Utensil Set
  • Fellow Stagg EKG Pro Electric Kettle
  • Ooni Volt 12 Electric Pizza Oven
  • Leeway The Stock The Bar
  • Mi Cocina The Waist Apron
  • De’Longhi TrueBrew Drip Coffee Maker
  • Zwilling Enfinigy Wireless Charging Kitchen Scale
  • Schmidt Bros. Bonded Teak Grill Set
  • Crux Cruxgg 6-Slice Digital Air Fryer Toaster Oven
  • Cangshan Helena Series Cutlery Set

Beauty Gifts

  • TheraFace Pro

Food Gifts

  • Hamilton Cornerstore Cast Iron Skillet with Cornbread Mix & Biscuit Mix

Wellness Gifts

  • Corkcicle 24-Ounce Cold Cup
  • WanderFull HydroBag
  • Springer Classic Dog Travel Bottle

 

The full list can be viewed on OprahDaily.com.

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First U.S. Showroom for Zafferano Lighting, Tableware Opens in NYC https://www.homepagenews.com/home-housewares/first-u-s-showroom-for-zafferano-lighting-tableware-opens-in-nyc/ https://www.homepagenews.com/home-housewares/first-u-s-showroom-for-zafferano-lighting-tableware-opens-in-nyc/#respond Tue, 26 Sep 2023 17:52:40 +0000 https://www.homepagenews.com/?p=288635 Zafferano America, North American distributor of cordless lighting, tableware and glassware, opened a showroom in New York City, its first U.S. showroom.

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Zafferano America, North American distributor of cordless lighting, tableware and glassware, opened a showroom in New York City, its first U.S. showroom.

The new showroom, at 121 Varick Street near Manhattan’s SoHo district, is Zafferano’s first such space outside of Italy, where the company has showrooms in Milan and Quinto di Treviso.

Zafferano brand experts are available by appointment to consult with designers, architects, retailers, restaurateurs and hoteliers. The showroom also will welcome retail traffic, including walk-in customers, during its regular business hours of 12:00 p.m. to 6:00 p.m., Tuesday through Friday, and 10:00 a.m. to 4:00 p.m. on Saturday.

“The new Zafferano Showroom allows us to better serve the hospitality and design communities with a hands-on look at our product offerings,” said Barrett Gross, President and CEO of Zafferano America. “We have experts available to help designers light any space, set any table, and ultimately assist designers with bringing their ideas to life by employing our extensive and colorful offerings.”

The 2400-square-foot space was designed to showcase Zafferano’s cordless lamps, handmade Italian dinnerware, and colored glassware in a gallery-like setting, according to the company.

Zafferano’s flagship cordless lamps include the Poldina Pro and Pina Pro. The company in 2023 expanded its tableware division after acquiring a ceramic factory outside Rome, Italy, where it produces handmade dinnerware.

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Pelican Hydration Releases Customizable Drinkware Line https://www.homepagenews.com/home-housewares/pelican-hydration-releases-customizable-drinkware-line/ https://www.homepagenews.com/home-housewares/pelican-hydration-releases-customizable-drinkware-line/#respond Tue, 12 Sep 2023 17:45:17 +0000 https://www.homepagenews.com/?p=288075 Pelican Hydration has launched a line of customizable tumblers, cups and water bottles featuring five styles with the ability to be customized through laser engraving.

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Pelican Hydration has launched a line of customizable tumblers, cups and water bottles featuring five styles with the ability to be customized through laser engraving.

The vacuum-sealed, leak-resistant collection is made with recycled stainless steel and features 58 products available now.

“Today, we proudly introduce Pelican Hydration drinkware, a partner for every adventure,” said Kellie Claudio, vice president, new business development, Pelican Hydration.”By combining time-tested durability and performance with our unique customization, the possibilities are truly endless.”

The Hydration Collection features five new signature styles:

  • 22 oz. Pelican Traveler Tumbler, featuring 18/8 inner and outer wall heavy-duty stainless steel, copper lining, and dual-function Eastman Tritan lid with drinking spout and inner straw, available in 14 colors.
  • 40 oz. Pelican Porter Mug, featuring a copper lining, 90% recycled 18/8 stainless steel, Eastman Tritan lid and straw, double-injection handle grip, available in 18 colors.
  • 18 oz. Pelican Ridge Mug, featuring a copper lining, protective silicone base, 90% recycled 18/8 stainless steel, and two-tone Eastman Tritan lid, available in 8 colors.
  • 26 oz. Pelican Pacific Water Bottle, featuring a copper lining, 90% recycled 18/8 stainless steel, protective silicone base, leak-resistant lid and inner straw, available in 10 colors.
  • 22 oz. Pelican Cascade Grip Tumbler, featuring a copper lining, 90% recycled 18/8 stainless steel, protective silicone base, and two-tone Eastman Tritan lid, available in 8 colors.

“We know your lifestyle is all about experiences, and we want to be a part of each and every one. Pelican Hydration drinkware will accompany you on your grandest journeys, outdoor escapades, and everyday expeditions, ensuring that your hot beverages stay piping hot and your iced drinks refreshingly cold. With Pelican Hydration, you can focus on what matters most: taking on life’s adventures, step by step,” Claudio continued.

Features include laser-engraved customization, mix-and-match opportunities, a wide range of colors and sustainable materials. The collection is car cup holder friendly, multifunctional with a dual-function straw spout and flip-top sipper lid available and machine washable.

The full Pelican Hydration product line is available to purchase today at PelicanHydration.com.

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Pur Collaborates with Beautiful by Drew for Water Filtration https://www.homepagenews.com/home-housewares/pur-collaborates-with-beautiful-by-drew-for-water-filtration-products/ https://www.homepagenews.com/home-housewares/pur-collaborates-with-beautiful-by-drew-for-water-filtration-products/#respond Wed, 06 Sep 2023 17:38:55 +0000 https://www.homepagenews.com/?p=287656 Pur Water, a Helen of Troy brand, has announced the launch of Beautiful by Pur, a collaboration with Drew Barrymore's kitchenware brand, Beautiful by Drew.

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Pur Water, a Helen of Troy brand, announced the launch of Beautiful by Pur, a water filter collaboration with Drew Barrymore’s kitchenware brand, Beautiful by Drew.

Pur and Beautiful by Drew have partnered to create a line of water filtration products including pitchers, dispensers and faucet mounts. The items have been designed to marry Pur’s water filtration technology with the innovative and modern design of the Beautiful by Drew kitchenware, according to Our.

The Beautiful by Our collection is currently available exclusively on Walmart.com and in Walmart stores beginning September 9.

The Beautiful by Pur collection includes:

  • 12-Cup Pitcher ($39.99): Powered by Pur’s 2-in-1 Faster Filtration Technology that removes various chemical and physical substances and features a large lid opening for easy refills and a filter change light to notify when it’s time to change the Pur filter. The pitcher has gold accents designed to look beautiful on any table or in the fridge.
  • 30-Cup Dispenser ($39.99): This dispenser is ready to display on a countertop or table with gold accents also featured on the 12-Cup Pitcher. The 30-cup capacity features Pur’s 2-in-1 Faster Filtration Technology while needing to be refilled less often. Both the pitcher and dispenser are certified by the National Science Foundation to remove chlorine, copper and other chemical and physical substances.
  • Horizontal Water Faucet Mount System ($39.99): The faucet mount system is designed to deliver cleaner, great-tasting filtered water on demand while complimenting any kitchen décor with a matte finish and gold accents. The system offers filtration technology that reduces 70 chemical and physical substances including lead and microplastics. According to Pur, no other branded faucet filter is NSF-certified to reduce more chemical and physical substances. The faucet mount includes rubberized handles to easily switch from tap water to filtered water as well as a filter change light to notify when it’s time to change the Pur filter. It is compatible with most standard faucets and offers tool-free installation.

Beautiful by Drew, co-founded by Barrymore and Made by Gather founder and CEO Shae Hong, has a trendy, contemporary style designed to  intended brings a high-end, table-ready finish to the collection. The three Beautiful by Pur products will be available in Beautiful’s white icing finish with its signature gold accents and a co-branded logo.

“We’ve all heard that hydration is one of the keys to good health. So, every day I tell myself I’m going to drink more water. And now with our new Beautiful collaboration with Pur, I’m actually doing it! Our innovative spin on design and Pur’s proven technology are working together to make it easier and more enjoyable to drink up,” Barrymore said.

“This is a truly unique collaboration — a brilliant blend of Drew’s beautiful aesthetic and Pur’s superior filtration technology — and we’re honored to be the first brand Beautiful by Drew has partnered with to create a collection,” said Paula Lopes, marketing director for Pur at Helen of Troy. “Beautiful by Pur is the perfect solution for any modern home’s hydration needs from entertaining to gift-giving to day-to-day life, bringing a touch of elegance to your kitchen table, countertop or refrigerator.”

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Lifetime Brands Partners with Dolly Parton in Licensing Agreement https://www.homepagenews.com/home-housewares/lifetime-brands-partners-with-dolly-parton-in-licensing-agreement/ https://www.homepagenews.com/home-housewares/lifetime-brands-partners-with-dolly-parton-in-licensing-agreement/#respond Mon, 28 Aug 2023 15:44:23 +0000 https://www.homepagenews.com/?p=287361 Lifetime Brands, Inc. has partnered with singer, songwriter, musician, actress, philanthropist and businesswoman Dolly Parton in a multi-year licensing agreement to collaborate on products in kitchenware and tabletop.

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Lifetime Brands, Inc. has partnered with singer, songwriter, musician, actress, philanthropist and businesswoman Dolly Parton in a multi-year licensing agreement to collaborate on products in kitchenware and tabletop.

Products in the Dolly Partner collaboration will include kitchen tools and gadgets, bakeware, cookware, spice racks, cutlery and cutting boards in food preparation; and barware, bar tools, flatware, serveware, dinnerware and drinkware in tabletop. The offering will also extend to food storage solutions, pantryware, insulated bottles and curated home décor accessories that will capture the essence of Dolly Parton’s brand, said the company.

“We’re honored to partner with the legendary Dolly Parton,” said Dan Siegel, president of Lifetime Brands, Inc. “Dolly’s passion for cooking and her ability to bring people together is truly inspiring. The products we’ll create together will help infuse homes everywhere with Dolly’s warmth, creativity, and hospitality.”

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Crow Canyon Home Expands in Enamelware with Golden Rabbit Acquisition https://www.homepagenews.com/home-housewares/crow-canyon-home-expands-in-enamelware-with-golden-rabbit-acquisition/ https://www.homepagenews.com/home-housewares/crow-canyon-home-expands-in-enamelware-with-golden-rabbit-acquisition/#respond Wed, 16 Aug 2023 16:38:04 +0000 https://www.homepagenews.com/?p=286350 Heritage enamelware brand Crow Canyon Home has entered into a binding acquisition agreement with Golden Rabbit, the Maryland-based oven-to-table enamelware brand.

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Heritage enamelware brand Crow Canyon Home has entered into a binding acquisition agreement with Golden Rabbit, the Maryland-based oven-to-table enamelware brand.

The merger will allow for both Crow Canyon and Golden Rabbit to expand and benefit from each brand’s varied styles, designs and customer demographics, said Crow Canyon. It will also enable each business to expand market availability domestically and internationally.

Crow Canyon Home offers the largest variety of enamelware products in the world, said the company, and its acquisition of Golden Rabbit is intended to further cement its leadership in the enamelware category. Crow Canyon recently announced partnerships with Poketo, Camp Wandawega and Lisa Congdon, as well as a category of linens, and the company said it will continue expanding its business into new homeware categories.

Founded in 1989 by Peggy Hedgpeth, Golden Rabbit is known for its classic coastal and children’s designs, and it offers an expansive catalog with a broad assortment of dinnerware and high-end cookware with a signature metal rim. The company has partnerships with brands including Old Bay and Peter Rabbit from Beatrix Potter.

“As a fellow female small business owner, I have long admired the dedication, commitment to quality, consistency and innovation exemplified by Peggy and the Golden Rabbit team,” said Cara Barde, owner and CEO of Crow Canyon Home. “This merger will allow us to bring together two heritage brands to expand upon Golden Rabbit’s legacy as a leader in enamelware and further its vision to reach more consumers around the world.”

“We have always admired Golden Rabbit and recognized that it is successful with a geographic market – the Southeast and Mid-Atlantic states – with which we’ve always wanted to make inroads,” Barde continued. “In addition to the customer demographic, Golden Rabbit has a complementary aesthetic to Crow Canyon that appeals to its audience. Both brands make high-quality enamelware, and this merger helps us reach a wider audience and be the one-stop shop for all enamelware.”

Golden Rabbit products will continue to be available through its website goldenrabbit.com. Retailers and distributors will see no immediate changes while the companies work to blend infrastructure. In the long term, a major goal of the merger is to make it easier for retail partners to access both company catalogs through streamlined ordering, shipping, pricing and marketing, said the company.

Golden Rabbit Enamelware

“For the foreseeable future, both brands will continue to exist and from the consumer standpoint continue to be independent from one another. We currently have several wide-ranging collections and Golden Rabbit will be under the Crow Canyon umbrella as another one,” Barde said. “One distinctive difference between the two is that Golden Rabbit enamelware has a metal rim as opposed to Crow Canyon’s rolled rim. Golden Rabbit will continue with the more traditional patterns and styling while Crow Canyon skews more modern and casual. It will take awhile to integrate our back-end systems and fulfillment, but our goal is to ultimately make it easy for wholesale and retail customers to buy both brands.”

Barde added there is a big opportunity in the U.S. to grow both brands using joint sales and marketing resources, along with internationally. Crow Canyon has international distributors worldwide that generate about 40% of the current revenue and the company hopes to use those channels to grow Golden Rabbit overseas.

“After building Golden Rabbit over the last 30 years to its current level of success, my first priority in envisioning the future was partnering with someone who would appreciate and respect not only our exquisite products, but the hundreds of partners and artisans around the world who have contributed to that success,” said Peggy Hedgpeth, Golden Rabbit founder & CEO. “I’m confident that Crow Canyon’s team, with its similar values, will honor the loyalty of our customers, the commitment of our workers, and steward the brand well as it continues to expand our legacy into a new era. It has been an incredible adventure that I am both very grateful to have had and will certainly miss.”

With its acquisition of Golden Rabbit, Crow Canyon continues its commitment to sustainability in that enamelware is an important category for reducing single-use plastic and paper waste. Products from Crow Canyon and Golden Rabbit are designed to exemplify that sustainability can be beautiful and doing good for the environment doesn’t mean sacrificing style and function, according to the principals.

“Our goal is to educate the broader consumer on enamelware as a product category. We believe enamelware is something that once you feel it and use it, you see its benefits and value and want more of it,” Barde noted. “It is lightweight, oven-safe, shatterproof and versatile. The perfect replacement for paper and plastic to use outside, with children, and for everyday use.”

In addition to the acquisition of Golden Rabbit, Crow Canyon is adding a new category with collegiate licensing. “Enamelware is perfect for all outdoor entertainment including tailgating,” Barde said. “We have already been accepted as a licensing partner for many Southeastern universities and a collection will launch in January.”

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Instant Brands Receives Additional Chapter 11 Financing https://www.homepagenews.com/home-housewares/appliances/instant-brands-receives-additional-chapter-11-financing/ https://www.homepagenews.com/home-housewares/appliances/instant-brands-receives-additional-chapter-11-financing/#respond Fri, 11 Aug 2023 15:00:38 +0000 https://www.homepagenews.com/?p=286745 Instant Brands, operating under Chapter 11 bankruptcy protection, announced it received a commitment for an additional $30 million in new term loan financing from its existing lenders, increasing the amount of the term loan credit facility received by the company to $162.5 million.

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Instant Brands, operating under Chapter 11 bankruptcy protection, announced it received a commitment for an additional $30 million in new term loan financing from its existing lenders, increasing the amount of the term loan credit facility received by the company to $162.5 million.

The company reported the additional term loan financing, along with the existing $125 million asset-based-lending financing and cash generated from operations, is expected to provide liquidity to fund operations.

Instant Brands, which markets such brands as Instant Pot, Corelle, Pyrex, Snapware, CorningWare, Visions and Chicago Cutlery, filed Chapter 11 in June.

“We are making important progress in our court-supervised process, and the commitment for additional financing reflects our lenders’ confidence in our business and our ability to achieve a successful outcome,” said Ben Gadbois, president and CEO of Instant Brands. “We remain focused on ensuring the continued success of our great brands for all of our consumers around the world. We thank our great employees across the globe, as well as our suppliers, retailers, financing partners and all of our advisors for their continued support for Instant Brands.”

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