The Bombay Company acquired by Hermes-Otto International USA
Home Textiles Today Staff -- Home & Textiles Today, 1/11/2011 3:29:25 PM
New York - Bombay Brands LLC and its furniture and home décor brand The Bombay Company has been acquired by Hermes-Otto International USA LLC [H-OI], the U.S. division of global fashion and lifestyle company Otto Group.
H-OI purchased the Bombay Company trademarks and intellectual property from Hilco Consumer Capital and Gordon Brothers Group, which relaunched the Bombay brand through a joint partnership in 2008. Last fall, the joint-venture partners relaunched the collection and repositioned the brand for the U.S. wholesale market with programs for specialty and department store distribution.
Under the previous ownership, H-OI served as the exclusive North American licensee of Bombay products. The purchase gives the company direct global control of the brand.
"With its potent blend of classic styling and unexpected detail, The Bombay Company continues to be a vital, highly-recognized brand in the U.S.," said William Hollands, president of H-OI, who will serve as head of The Bombay Company. "Through Hermes-Otto International's extensive sourcing and sales networks and my own long-term experience with Bombay, we plan to grow the brand by creating new and classic Bombay products and developing long-term partnerships with key retailers."
Hollands, an top industry veteran with extensive retail and wholesale management experience, served as The Bombay Company's vice president of merchandising from 2004 to 2007 and was instrumental in the development and sourcing of multiple product categories for the brand.
"Gordon Brothers Group is pleased with the transition of the Bombay brand to Hermes-Otto International," said Stephen Miller, CEO of Gordon Brothers Group's Brand Division. "After working with the firm as the exclusive licensee, we feel confident that the brand's integrity and enterprise value will be protected. We look forward to following the growth of The Bombay Company as it continues to expand into additional distribution channels."
"Bombay has fulfilled our expectations," said Mitch Berk, CEO of Hilco Consumer Capital. "We are pleased with the value we were able to add to this iconic brand since we made this investment. We are confident that it is well positioned for future growth under the capable direction of Hermes-Otto."
The purchase price was not disclosed. The deal does not include Bombay and Co. Inc., a company that has exclusive right to sell Bombay products in Canada.
Bombay, a pioneer of the worldgoods concept, was founded in 1978 as a niche specialty home goods retail concept. The Bombay Company grew to approximately 350 retail stores and nearly $600 million in annual retail sales volume and continues to score at the top of national consumer surveys as one of the most recognized home brand names in the U.S.
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