MillerKnoll Announces New Global Hubs in New York and London

Rhea-AI Summary

MillerKnoll (NASDAQ:MLKN), a global design leader, is opening new flagship locations in London and New York this month. These spaces combine contract showrooms and retail stores from various brands in the MillerKnoll portfolio, creating world-class design destinations. The London location spans 1,700 square meters across three floors in Clerkenwell, featuring brands like Knoll, Herman Miller, and Maharam. The New York location occupies 11 floors and over 77,000 square feet at 251 Park Avenue South, showcasing Knoll, Herman Miller, Geiger/DatesWeiser, Muuto, and Maharam. Both locations include dedicated MillerKnoll Studios to highlight the collective approach for modern workplaces. These new hubs aim to provide inspiring workplaces for employees and offer customers and the design community convenient access to the latest in office, home, and beyond design.

Positive

• Expansion into key design markets with new flagship locations in London and New York
• Integration of multiple brands under one roof, potentially increasing cross-selling opportunities
• Enhanced customer experience with combined contract showrooms and retail stores
• Strategic positioning in prime design neighborhoods, potentially increasing brand visibility and accessibility

Negative

• Significant investment in real estate and showroom build-outs may impact short-term financials
• Potential cannibalization of sales between closely located brand stores

Insights

Market Research Analyst

The opening of new global hubs in New York and London by MillerKnoll (NASDAQ:MLKN) is a strategic move to strengthen its market presence. While this expansion demonstrates the company's confidence in its growth trajectory, it's important to note that the immediate financial impact may be The focus on creating design destinations aligns with industry trends towards experiential retail and integrated showrooms.

From an investor's perspective, this development could potentially lead to:

• Enhanced brand visibility in key design markets
• Improved customer engagement and potential sales growth
• Increased operational costs in the short term

However, the long-term benefits of this expansion strategy remain to be seen, as success will depend on foot traffic, customer reception and the ability to convert showroom visits into sales. Investors should monitor future financial reports for indicators of the impact on revenue and profitability.

Real Estate Expert

MillerKnoll's choice of locations for its new global hubs is strategically sound. In London, situating the hub in Clerkenwell, a renowned design district, positions the company at the heart of the UK's design community. This 1,700 square meter space across three floors provides significant visibility and accessibility to key clientele.

In New York, the expansion to 11 floors and over 77,000 square feet in a historic building in Gramercy is a substantial real estate investment. The location's history and the building's Renaissance-revival architecture add prestige to the brand's presence.

These prime locations, while likely commanding high rents, offer potential for:

• Increased foot traffic and brand exposure
• Synergies between retail and contract showrooms
• Enhanced client experiences in design-centric environments

The real estate strategy aligns with the company's goal of creating world-class design destinations, potentially justifying the investment despite high costs in these premium locations.

Retail Strategy Consultant

MillerKnoll's new global hubs represent a bold move in retail strategy, embracing the concept of experiential retail. By combining contract showrooms with retail stores, the company is creating a unique, immersive experience for both B2B and B2C customers. This approach allows for:

• Cross-pollination between professional and consumer markets
• Showcasing the full breadth of the design portfolio in one location
• Potential for increased average transaction value through upselling and cross-selling

The strategy of locating multiple brands next to each other is a response to feedback from design partners, dealers and customers, indicating a customer-centric approach. However, the success of this model will depend on:

• Effective brand differentiation within the shared space
• Seamless integration of the retail and contract experiences
• Staff training to cater to diverse customer segments

While innovative, this approach carries risks, including potential brand dilution and higher operational costs. Investors should watch for metrics on foot traffic, conversion rates and customer satisfaction to gauge the strategy's effectiveness.

Bringing together the best brands in modern design 

ZEELAND, Mich., Sept. 12, 2024 /PRNewswire/ -- MillerKnoll (NASDAQ:MLKN), a global leader in design, is opening two new flagship locations in London and New York this month. Including contract showrooms and stores from across the company's collective of brands, these spaces build upon the MillerKnoll strategy of creating world-class design destinations globally. This approach provides our employees with inspiring workplaces and offers customers and the design community a convenient way to experience the latest in design for office, home and beyond.

"This is truly an exciting milestone for our collective. We're thrilled to showcase the full breadth of our design portfolio in such creative and innovative locations in London and New York," said Andi Owen, CEO of MillerKnoll. "We're taking the approach of locating brands next to each other based on feedback from design partners, dealers and customers. We look forward to the collaboration these spaces will facilitate as we continue to redefine modern design."

MillerKnoll London in the Heart of the UK Design Community. 
Situated in the London design neighborhood of Clerkenwell, MillerKnoll London is the first major MillerKnoll destination outside of the United States. The location includes three floors spanning 1,700 square meters of contract showrooms and retail stores from brands including Knoll, Herman Miller, and Maharam. A dedicated MillerKnoll Studio serves as a working showroom, bringing together the collective of brands, to showcase a unified approach for the modern workplace.

"We believe there is substantial opportunity to grow internationally," said Ben Groom, President, International Contract at MillerKnoll. "The opening of MillerKnoll London is just one step we're taking to offer an enhanced experience to our customers across the United Kingdom and Europe."

Located in The Sans at 20 St John's Square, the retail stores and contract showrooms are now open. MillerKnoll London is also conveniently located a short walk from the Muuto, NaughtOne, and HAY showrooms.

MillerKnoll New York at the Center of Gramercy.
Now occupying 11 floors and more than 77,000 square feet, MillerKnoll New York is the first flagship location in the United States to combine contract showrooms and retail stores from across the portfolio. The space includes Knoll, Herman Miller, Geiger/DatesWeiser, Muuto and Maharam, corporate office space, and a MillerKnoll Studio that will highlight additional brands like HAY and NaughtOne.

"MillerKnoll New York offers our customers, A+D partners, and dealers a convenient and unparalleled experience to engage with the best of our collective under one roof," said Ben Watson, Chief Creative and Product Officer at MillerKnoll. "We're immensely proud of this new design hub and can't wait to use it as a forum to share insights, innovations, and ideas that meet our customers' most pressing needs and inspire the future through design."

The expanded footprint at 251 Park Avenue South is set in a historic 1910 Renaissance-revival building that has been home to various MillerKnoll brands and designers over the past century. The Herman Miller and Knoll retail stores are now open. The contract showrooms will open for scheduled customer tours beginning in late-September.

World-class design experiences.
New York & London
Knoll unveils its first international retail store in London and moves its New York retail store to an elegant space in Gramercy. These new locations reflect the brand's core design principles and demonstrate a bold new design direction for Knoll environments—a continuation of its recently refreshed showrooms in Chicago and Dallas. Brought to life with locally inspired architectural elements, colors, materials, and finishes, the London and New York presentations feature a retail space planned as a residence and a workplace floor planned as an office. Within these inspiring spaces, Knoll shows how both renowned historic and newly launched designs enhance modern residential and contract settings. 

Herman Miller's new London and refreshed New York retail stores and showrooms invite all consumers of design to experience the brand's unique point of view on a modern way of living. Herman Miller retail spaces are programmed as a holistic environment with offerings for living, work, and play, while contract showrooms exemplify the breadth of the brand's commercial portfolio and its ability to address a wide range of architectural and occupational needs. Curated design elements and exhibitions in each location reflect Herman Miller's newly refreshed brand identity, rich heritage, and pioneering approach to modern design.

New York
Geiger and DatesWeiser will have a key presence in New York, featuring top-tier executive private office and conference designs. Showcasing the brands' abilities to customize nearly anything, the space will feature solutions specifically designed for the location, such as a DatesWeiser reception desk that also serves as a display wall and a custom-size stone-top Highline 50 Meeting Table. Geiger's best-selling, highly configurable Geiger One private office casegoods line will also be displayed, including recently launched enhancements. Across the floorplate, clients will be able to discover Geiger and DatesWeiser's recently updated veneer palette. 

Muuto has a unique showroom expression in New York, showcasing its commitment to delivering new perspectives on Scandinavian design. Here, the brand's philosophy of combining lasting aesthetics, functionality, and craftsmanship with innovative materials and bold creativity comes to life. Muuto continues to prioritize the importance of creating intentional atmospheres through a thoughtful selection of furniture, lighting, and accessories. These concepts materialize into unique showroom "scenes" tailored to creating the perfect ambiance—whether it's for dining, socializing, focused work, or relaxation.

About MillerKnoll
MillerKnoll is a collective of dynamic brands that comes together to design the world we live in. The MillerKnoll brand portfolio includes Herman Miller, Knoll, Colebrook Bosson Saunders, DatesWeiser, Design Within Reach, Edelman, Geiger, HAY, HOLLY HUNT, Knoll Textiles, Maharam, Muuto, NaughtOne, and Spinneybeck|FilzFelt. MillerKnoll is an unparalleled platform that redefines modern for the 21^st century by building a more sustainable, equitable and beautiful future for all.

Resources:
MillerKnoll London at The Sans - Photos
MillerKnoll New York at 251 Park Avenue South - Photos

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SOURCE MillerKnoll

FAQ

What new locations is MillerKnoll (MLKN) opening in September 2024?

MillerKnoll is opening new flagship locations in London and New York in September 2024. These spaces combine contract showrooms and retail stores from various brands in the MillerKnoll portfolio.

How large is the new MillerKnoll (MLKN) London location?

The MillerKnoll London location spans 1,700 square meters across three floors in Clerkenwell, featuring brands like Knoll, Herman Miller, and Maharam.

What is the size of MillerKnoll's (MLKN) new New York location?

The MillerKnoll New York location occupies 11 floors and over 77,000 square feet at 251 Park Avenue South, showcasing brands such as Knoll, Herman Miller, Geiger/DatesWeiser, Muuto, and Maharam.

Which MillerKnoll (MLKN) brands will be featured in the new London and New York locations?

The new locations will feature brands including Knoll, Herman Miller, Maharam, Geiger/DatesWeiser, Muuto, HAY, and NaughtOne, among others from the MillerKnoll portfolio.