Avonhome acquired; new name is Style Lab
June 29, 2007-- Home Textiles Today,
Braintree, Mass. – Avonhome, the country’s fourth largest table linens supplier and fifth largest kitchen textiles supplier, has sold its operations and assets to Style Lab LLC, an affiliate of global sourcing and product development supply chain management company Atico International.
The acquisition – which officially changes the company’s name from Avonhome to Style Lab – became effective June 26. Avonhome president George Kouri remains president of the company.
Avonhome was an 81-year-old home textiles supplier when it was acquired. Kouri, his brother and a cousin were the third generation to be running the company, which was founded by his grandfather here.
“Our expectation through this acquisition is the ability to grow our account base and product offering at retail,” Kouri said. “We expect the growth we achieved to be faster than would have been allowed on our own.”
Avonhome has long occupied a spot on the Top 5 list of table linens suppliers and more recently tacked onto the top 5 kitchen textiles list. In 2006, the company reported $55 million in table linens sales and $13 million in kitchen textiles sales.
The company had recently expanded its product offerings to include other home textiles, including beach towels, soft window coverings, bath towels, and accessories.
Avonhome’s relationship with Style Lab/Atico began “many years ago.”
Avonhome has long licensed its designs to Style Lab/Atico. Last year, when both parties renewed their partnership, new conversations developed.
“We started talking about having them acquire us rather than have them pay us for design consultation,” Kouri explained.
Aside from keeping Kouri aboard, Style Lab is also keeping intact the former Avonhome’s New York team and offices – at 295 Fifth Ave. in suite 1712 – as well as its Los Angles executive post. In New York, the team includes: Chris Mooney, svp, merchandising and marketing; Mary Bonano, vp creative; Tom Costick, vp import director; Neil Simonson, vp sales; and Pam Oliva, design assistant. In Los Angeles, Rob Galperson will remain vp sales.
All financial and administrative operations will be performed at Style Lab’s Ft. Lauderdale office at 501 S. Andrews Ave. In conjunction with the acquisition, Style Lab/Atico on June 1 opened its Style Lab Asia Ltd. division in Honk Kong.
Related Content By Author
Industry Related Content
Northwest plays cameo on GMA