Lifetime Brands Inc. Grows Commercial Food Services Business with Expansion of its Mikasa Hospitality Portfolio
Lifetime Brands, Inc. (NasdaqGS: LCUT) has signed an agreement to expand its Mikasa Hospitality division by distributing and marketing the Royal Leerdam® and ONIS® premium glassware brands. This move strengthens Lifetime's position in the Commercial Food Services sector, targeting a $2 billion addressable market. The new product offerings are expected to begin shipping in 2024, potentially generating additional revenue for the company.
Royal Leerdam, with a 145-year legacy, is known for its elegant and functional glassware designs for the hospitality industry. ONIS, a new brand from Leerdam Crisal Glass, offers bold and innovative professional glassware. This expansion aligns with Mikasa Hospitality's commitment to providing high-quality dinnerware, flatware, buffetware, serveware, and now premium glassware for the foodservice industry.
Lifetime Brands, Inc. (NasdaqGS: LCUT) ha firmato un accordo per espandere la sua divisione Mikasa Hospitality, distribuendo e commercializzando i marchi di vetro di alta qualità Royal Leerdam® e ONIS®. Questa mossa rafforza la posizione di Lifetime nel settore Servizi Alimentari Commerciali, mirando a un mercato indirizzabile di 2 miliardi di dollari. Si prevede che le nuove offerte di prodotti inizieranno a essere spedite nel 2024, generando potenzialmente ulteriori entrate per l'azienda.
Royal Leerdam, con una storia di 145 anni, è conosciuta per i suoi eleganti e funzionali design di vetro per l'industria dell'ospitalità. ONIS, un nuovo marchio di Leerdam Crisal Glass, offre vetro professionale audace e innovativo. Questa espansione si allinea con l'impegno di Mikasa Hospitality a fornire stoviglie di alta qualità, posate, articoli per buffet, attrezzature da servizio e ora vetro di alta qualità per l'industria della ristorazione.
Lifetime Brands, Inc. (NasdaqGS: LCUT) ha firmado un acuerdo para expandir su división Mikasa Hospitality distribuyendo y comercializando las marcas de cristalería premium Royal Leerdam® y ONIS®. Este movimiento refuerza la posición de Lifetime en el sector de Servicios Alimentarios Comerciales, apuntando a un mercado abordable de 2 mil millones de dólares. Se espera que las nuevas ofertas de productos comiencen a ser enviadas en 2024, generando potencialmente ingresos adicionales para la empresa.
Royal Leerdam, con una herencia de 145 años, es conocida por sus elegantes y funcionales diseños de cristalería para la industria de la hospitalidad. ONIS, una nueva marca de Leerdam Crisal Glass, ofrece cristalería profesional audaz e innovadora. Esta expansión se alinea con el compromiso de Mikasa Hospitality de proporcionar vajilla de alta calidad, cubiertos, artículos de buffet, utensilios de servicio y ahora cristalería premium para la industria de servicios de alimentos.
Lifetime Brands, Inc. (NasdaqGS: LCUT)는 Royal Leerdam® 및 ONIS® 프리미엄 유리 브랜드를 유통 및 마케팅하여 Mikasa Hospitality 부서를 확장하는 계약을 체결했습니다. 이 조치는 Lifetime의 상업 음식 서비스 부문에서의 입지를 강화하며, 20억 달러 규모의 목표 시장을 겨냥합니다. 새로운 제품 라인업은 2024년에 배송을 시작할 것으로 예상되며, 회사의 추가 수익을 창출할 가능성이 있습니다.
145년의 역사를 가진 Royal Leerdam은 호텔 산업을 위한 우아하고 기능적인 유리 디자인으로 알려져 있습니다. Leerdam Crisal Glass의 새로운 브랜드인 ONIS는 대담하고 혁신적인 전문 유리 제품을 제공합니다. 이 확장은 Mikasa Hospitality가 음식 서비스 산업을 위해 고품질 접시, 식기, 뷔페 용품, 접대 용품, 그리고 이제 프리미엄 유리 제품을 제공하겠다는 약속과 일치합니다.
Lifetime Brands, Inc. (NasdaqGS: LCUT) a signé un accord pour élargir sa division Mikasa Hospitality en distribuant et en commercialisant les marques de verrerie premium Royal Leerdam® et ONIS®. Cette initiative renforce la position de Lifetime dans le secteur Services Alimentaires Commerciaux, ciblant un marché adressable de 2 milliards de dollars. Les nouvelles offres de produits devraient commencer à être expédiées en 2024, générant potentiellement des revenus supplémentaires pour l'entreprise.
Royal Leerdam, forte d'un héritage de 145 ans, est reconnue pour ses designs de verrerie élégants et fonctionnels pour l'industrie de l'hôtellerie. ONIS, une nouvelle marque de Leerdam Crisal Glass, propose des verreries professionnelles audacieuses et innovantes. Cette expansion est en adéquation avec l'engagement de Mikasa Hospitality à fournir de la vaisselle de haute qualité, des couverts, des articles de buffet, des ustensiles de service et désormais des verreries premium pour l'industrie de la restauration.
Lifetime Brands, Inc. (NasdaqGS: LCUT) hat eine Vereinbarung unterzeichnet, um seine Mikasa Hospitality-Abteilung durch den Vertrieb und die Vermarktung der Premium-Glasmarken Royal Leerdam® und ONIS® auszubauen. Dieser Schritt stärkt die Position von Lifetime im Gewerblichen Lebensmittelservice und zielt auf einen adressierbaren Markt von 2 Milliarden Dollar ab. Die neuen Produktangebote sollen 2024 versendet werden und könnten zusätzliche Einnahmen für das Unternehmen generieren.
Royal Leerdam, mit einer 145-jährigen Tradition, ist bekannt für elegante und funktionale Glasdesigns für die Gastronomie. ONIS, eine neue Marke von Leerdam Crisal Glass, bietet gewagte und innovative professionelle Glaswaren an. Diese Erweiterung steht im Einklang mit dem Engagement von Mikasa Hospitality, hochwertige Geschirr, Besteck, Buffetwaren, Serviergeschirr und nun auch Premium-Glaswaren für die Gastronomie anzubieten.
- Expansion into premium glassware market with Royal Leerdam® and ONIS® brands
- Potential growth in $2 billion addressable Commercial Food Services market
- Expected additional revenue from new product offerings starting in 2024
- Strengthening of Mikasa Hospitality division's product portfolio
- None.
Insights
The expansion of Lifetime Brands' Mikasa Hospitality portfolio through the agreement with Royal Leerdam® and ONIS® is a strategic move that could significantly impact the company's market position and financial performance. Here's why:
- Market Opportunity: The company is targeting a
$2 billion addressable market in commercial food services, which presents substantial growth potential. - Revenue Growth: The new product offerings are expected to begin shipping in 2024, likely contributing to revenue growth in the Commercial Food Services segment.
- Portfolio Diversification: By adding premium glassware brands, Lifetime Brands is diversifying its product mix and strengthening its position in the hospitality sector.
- Competitive Advantage: The heritage and reputation of Royal Leerdam (145 years in the industry) could provide a competitive edge in the high-end hospitality market.
While the specific financial terms of the agreement aren't disclosed, this move aligns with Lifetime Brands' growth strategy and could potentially improve its market share and profitability in the long term. Investors should monitor the impact on revenue and margins in upcoming quarterly reports to gauge the success of this expansion.
This expansion into premium glassware brands represents a significant market opportunity for Lifetime Brands:
- Brand Synergy: The addition of Royal Leerdam® and ONIS® complements Lifetime's existing Mikasa Hospitality line, creating a more comprehensive offering for the foodservice industry.
- Market Positioning: By incorporating these established European brands, Lifetime strengthens its position in the high-end hospitality segment, potentially attracting more upscale clients.
- Industry Trends: The move aligns with the growing demand for premium, experience-enhancing products in the hospitality sector, particularly as the industry recovers post-pandemic.
- Geographic Expansion: The European heritage of these brands could facilitate Lifetime's expansion into international markets, particularly in Europe.
The success of this strategy will depend on Lifetime's ability to effectively market and distribute these new brands within its existing channels. Investors should watch for indicators of market acceptance and the impact on Lifetime's overall market share in the commercial food services sector.
Secures Agreement with Premium Glassware Brands Royal Leerdam® and ONIS®
Adds Scale to Commercial Food Services Business
GARDEN CITY, N.Y., Sept. 27, 2024 (GLOBE NEWSWIRE) -- Lifetime Brands, Inc. (NasdaqGS: LCUT), a leading global designer, developer and marketer of a broad range of branded consumer products, today announced it has signed an agreement to expand its product offerings within its Mikasa Hospitality division to distribute and market the Royal Leerdam® and ONIS® brands. Both brands are part of the renowned European glass producer Leerdam Crisal Glass, which boasts a rich heritage rooted in the historic glassmaking cities of Leerdam (The Netherlands) and Marinha Grande (Portugal).
Lifetime continues to validate its growth strategy with execution through investment in the high growth business line of Commercial Food Services, evident in the new agreement in glassware. With the addition of these brands Lifetime expects to grow its share of the
New Brands: Premium Glassware in Food Services Portfolio
1) Royal Leerdam has a storied legacy of 145 years in designing and manufacturing premium glassware for the hospitality industry. Known for its exquisite blend of elegant design and functional details, Royal Leerdam’s high-quality collections cater to every occasion, offering a versatile range of elegant stemware, all-rounders, and specialty glasses.
2) ONIS, the new iconic brand from Leerdam Crisal Glass, brings a bold and innovative approach to professional glassware. With its distinctive and stylish designs, ONIS aims to make a statement in bars, hotels, and restaurants, inspiring industry professionals to create the ultimate drinking experience.
The incorporation of these esteemed brands represents a significant milestone for Mikasa Hospitality. This expansion aligns with our commitment to providing the finest dinnerware, flatware, buffetware, serveware, and now, premium glassware tailored specifically for the foodservice industry.
Forward-Looking Statements
In this press release, the use of the words “aims,” “believe,” “continue,” “could,” “deliver,” “drive,” “enable,” “expect,” “gain,” “goal,” “grow,” “intend,” “maintain,” “manage,” “may,” “outlook,” “plan,” “positioned,” “project,” “projected,” “should,” “take,” “target,” “unlock,” “will,” “would”, or similar expressions is intended to identify forward-looking statements. Such statements include all statements regarding the growth of the Company, the Company’s financial guidance, the Company’s ability to navigate the current environment and advance the Company’s strategy, the Company’s commitment to increasing investments in future growth initiatives, the Company’s initiatives to create value, the Company’s efforts to mitigate geopolitical factors and tariffs, the Company’s current and projected financial and operating performance, results, and profitability and all guidance related thereto, including forecasted exchange rates and effective tax rates, as well as the Company’s continued growth and success, future plans and intentions regarding the Company and its consolidated subsidiaries. Such statements represent the Company’s current judgments, estimates, and assumptions about possible future events. The Company believes these judgments, estimates, and assumptions are reasonable, but these statements are not guarantees of any events or financial or operational results, and actual results may differ materially due to a variety of important factors. Such factors might include, among others, the Company’s ability to comply with the requirements of its credit agreements; the availability of funding under such credit agreements; the Company’s ability to maintain adequate liquidity and financing sources and an appropriate level of debt, as well as to deleverage its balance sheet; the possibility of impairments to the Company’s goodwill; the possibility of impairments to the Company’s intangible assets; the highly seasonal nature of the Company’s business; the Company’s ability to drive future growth and profitability from its European operations; changes in U.S. or foreign trade or tax law and policy; changes in general economic conditions that could impact the Company’s customers and affect customer purchasing practices or consumer spending; customer ordering behavior; the performance of the Company’s newer products; expenses and other challenges relating to the integration of any future acquisitions; changes in demand for the Company’s products; changes in the Company’s management team; the significant influence of the Company’s largest stockholder; fluctuations in foreign exchange rates; changes in U.S. trade policy or the trade policies of nations in which the Company or the Company’s suppliers do business; shortages of and price volatility for certain commodities; global health epidemics, such as the COVID-19 pandemic; social unrest, including related protests and disturbances; the emergence, continuation and consequences of geopolitical conditions, including political instability in the U.S. and abroad, unrest, war, conflict, including those related to the conflicts in Ukraine, Israel and surrounding areas; macro-economic challenges, including inflationary impacts and disruptions to the global supply chain; increase in supply chain costs; the imposition of tariffs and other trade policies and/or economic sanctions implemented by the U.S. and other governments; the Company’s ability to successfully integrate acquired businesses; the Company’s expectations regarding customer purchasing practices and the future level of demand for the Company’s products; the Company’s ability to execute on the goals and strategies set forth in the Company’s five-year plan; and significant changes in the competitive environment and the effect of competition on the Company’s markets, including on the Company’s pricing policies, financing sources and ability to maintain an appropriate level of debt. The Company undertakes no obligation to update these forward-looking statements other than as required by law.
Lifetime Brands, Inc.
Lifetime Brands is a leading global designer, developer and marketer of a broad range of branded consumer products used in the home. The Company markets its products under well-known kitchenware brands, including Farberware®, KitchenAid®, Sabatier®, Amco Houseworks®, Chef’n® Chicago™ Metallic, Copco®, Fred® & Friends, Houdini™, KitchenCraft®, Kamenstein®, La Cafetière®, MasterClass®, Misto®, Swing-A-Way®, Taylor® Kitchen, Rabbit®, and Dolly® ; respected tableware and giftware brands, including Mikasa®, Pfaltzgraff®, Fitz and Floyd®, Empire Silver™, Gorham®, International® Silver, Towle® Silversmiths, Wallace®, Wilton Armetale®, V&A®, Royal Botanic Gardens Kew®, Year & Day®, Dolly®, Royal Leerdam®, and ONIS®; and valued home solutions brands, including BUILT NY®, S’well®, Taylor® Bath, Taylor® Kitchen, Taylor® Weather, Planet Box®, and Dolly®. The Company also provides exclusive private label products to leading retailers worldwide.
The Company’s corporate website is www.lifetimebrands.com.
Contacts:
Lifetime Brands, Inc.
Laurence Winoker, Chief Financial Officer
516-203-3590
investor.relations@lifetimebrands.com
or
MZ North America
Shannon Devine / Rory Rumore
Main: 203-741-8811
LCUT@mzgroup.us
FAQ
What new brands has Lifetime Brands (LCUT) added to its Mikasa Hospitality portfolio?
When will Lifetime Brands (LCUT) start shipping the new Royal Leerdam and ONIS products?
What is the size of the addressable market in commercial food services that Lifetime Brands (LCUT) is targeting?
How does the addition of Royal Leerdam and ONIS brands align with Lifetime Brands' (LCUT) strategy?
