Anne Klein to sell furniture at a delicate time for the category

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Diving brief:

  • Anne Klein, best known for clothes and shoes, last week announced her entry in the furniture category via a licensing agreement with Nova Design, according to a press release from brand owner WHP Global.

  • The collection, which will debut this winter, will feature “Parisian chic, Scandinavian and mid-century styles,” inspired in part by the late designer’s homes in Manhattan and the Hamptons, according to the statement.

  • Private Equity Backed Brand Management Company WHP Global acquired Anne Klein of Premier Brands Group three years ago. Nova is an importer and distributor of home furnishings, including those sold by Ashley Furniture, according to its website.

Overview of the dive:

Under brand management firm WHP Global, Anne Klein is entering a category that appears to be in decline, following a major upswing in the pandemic.

Sales of furniture and home goods were relatively flat in May on an unadjusted year-over-year basis. But, accounting for inflation, volumes for the category “are in serious negative territory,” GlobalData chief executive Neil Saunders said in a June 15 client note.

“As the house has done exceptionally well over the past two years, it’s no surprise that consumers are now stepping back and prioritizing other categories,” he said. “However, we also believe there is some pressure on large items here, as some households increasingly lack the funds to make large purchases, and others lack the will or confidence to commit. to spend large sums of money.”

That’s still an improvement from previous months, however, according to a research note last week from Wells Fargo analysts led by Zachary Fadem. Furniture sales fell 12.2% in March, 8.9% in April and 8.5% in May, they found.

Still, the Anne Klein brand, which offers bedding and bath products, has already seen success in the home category, according to a statement from WHP’s global chief commercial officer, Stanley Silverstein.

“We … look forward to partnering with Nova Design to offer customers a new way to bring our iconic brand’s classic style into their homes,” said Silverstein.

About Gertrude H. Kerr

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This press release is submitted and posted here in its original, unedited form by Furniture …