Lifestyle Furnishings To Sell Universal Furniture, Sharpen Focus Lacquer Craft To Gain U.S. Marketing And Distribution

Furniture World Magazine

LifeStyle Furnishings International, Ltd. (LFI) of High Point, North Carolina, announced that it has reached an agreement with Lacquer Craft of Canton, China to sell Universal Furniture Ltd., a division of LFI. Lacquer Craft Manufacturing Co., Ltd. is a leading Asian manufacturer of case goods, dining room and occasional furniture, with operations in Dong Guan City, Canton China-. Samuel Kuo is principal owner of Lacquer Craft. LFI President and CEO, Alan D. Cole commented, "The dramatic changes, both current and anticipated, in the furnishings industry require new business models in order to compete successfully. The combination of Lacquer Craft's manufacturing capability and Universal's sales, marketing and distribution prowess, create a powerful force that will be both highly competitive and appropriately responsive to dynamic change within our industry. Samuel Kuo has demonstrated manufacturing capabilities and efficiencies that have fueled substantial growth for Lacquer Craft. The addition of Universal's marketing capabilities will create an exciting new opportunity for growth and success for both organizations. "Through this agreement," Cole continues, "LFI gains an opportunity to sharpen our focus on our core branded businesses. We're proud to have constructed a deal in which LFI, Universal and Lacquer Craft are all winners." Essentially all of Universal's current products and marketing programs will continue, including the highly successful Alexander Julian collections, which have-been major successes for Universal over the past seven years. Harvey Dondero will continue as Universal's President, directing Universal's management team and its sales force. Container direct shipments to customers be a major focused strategy of the new Universal/Lacquer Craft combined company. Samuel Kuo added, "We have known and respected Universal for many years; we see exciting growth for both organizations as we visualize the opportunity to create real value through great product design coupled with tremendous manufacturing efficiencies." Harvey Dondero added, "The combination of Universal and Lacquer Craft is the complete realization of our strategy that began two years ago. We firmly believe our model of Asian manufacturing principally in China, driven by strong U.S. marketing. While substantial change is often difficult, it is an essential ingredient pursuant to establishing the basis for a vibrant future for Universal. "It is our intent to supply our customers in a seamless fashion so as to continue the strong retail relationships we have always enjoyed," Dondero stated. -We are committed to continuous supply of our great products while providing even greater value for our retail partners." Samuel Kuo further commented, "This Is an exciting new venture for Lacquer Craft, for Universal, and for the US home furnishings industry. I am delighted to see the convergence of two strong organizations into one. The opportunities for success are greater than ever. We are committed to providing exceptional quality and service through our new Universal division."