Lifetime Brands Acquires Creative Tops
GDA Staff -- Gifts and Dec, 11/8/2011 11:39:03 AM
Garden City, NY -- Kitchenware, tabletop and home decor vendor Lifetime Brands Inc. acquired Creative Tops Limited and Creative Tops Far East Limited. Terms of the transaction were not disclosed.
Creative Tops is a wholesale provider of tableware, kitchenware and giftware products in the United Kingdom. CTFE is based in Hong Kong and provides sourcing and other services for Creative Tops and its customers. For its fiscal year ended March 31, Creative Tops and CTFE had combined net revenues of approximately $42.3 million.
Jeffrey Siegel, Lifetime's chairman, president and CEO, said in a statement, "We [...] expect the continuing management team, under the leadership of Patricia Dawson, to integrate seamlessly into Lifetime's operating structure."
Creative Tops markets its products to department stores, supermarket groups, home and garden centers and other housewares retailers and independent shops in the United Kingdom, and to retailers in Australia, France, Germany, Italy, Ireland, Korea, the Netherlands, New Zealand, Norway, Russia, South Africa, Spain, Taiwan and the United States. Creative Tops' products are sold under retailers' private label brands, under the company's Creative Tops brand and licensed trademarks including V&A and Royal Botanic Gardens Kew. It also operates a consumer website www.english-table.com.
Lifetime expects the acquisition to accelerate its plans to introduce its tabletop brands, including Mikasa, Pfaltzgraff, Gorham, International Silver, Towle Silversmiths and Wallace, into markets in Europe, Asia and South Africa, where Creative Tops has relationships with local retailers, as well as to introduce Creative Tops' tableware, kitchenware and giftware products to retailers in North and Central America.
Lifetime also reported a slight (1.7 percent) increase in net sales for the wholesale segment, to $120.8 million, for the three months ended September 30. Gross margin as a percentage of net sales for the wholesale segment decreased to 34.5 percent from 35.6 percent for the corresponding period.
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