The Mitchell Gold Co. To Join Rowe Furniture Corporation In Move That Underscores New Industry Trends

Furniture World Magazine

The corporate marriage, of New York Stock Exchange-listed Rowe Furniture Corporation (ROW) and privately owned The Mitchell Gold Co., underscores the new dynamics sweeping the nation's furniture industry. "The furniture industry today is at a cross roads," says G. A Birnbach, Chairman, President and Chief Executive Officer of Rowe, "It's probably the largest change that has taken place in our business since the advent back in the late 60s of the furniture warehouse showroom concept. It's a change of people responding, to their own lifestyle. They want furniture that is more casual, and they want to shop in stores that also are more casual and warmer." Rowe, under the guidance of Mr. Birnbach has been successfully responding to those changes. Now, with the agreement to acquire, The Mitchell Gold Co., is taking a major step towards also being a dominant supplier of high styled and well priced upholstery. The Mitchell Gold Co. is one of Inc magazine's 500 fastest-growing private companies and a trend setter of its own in the furniture trade. Located in Taylorsville, N.C, The Mitchell Gold Co. numbers among its chief customers such prestigious and fast growing retail specialty chains as Crate & Barrel, Pottery Barn and Restoration Hardware. The Mitchell Gold Co. produces up styled upholstered sofas and chairs. The company supports its marketing with cutting edge advertising that appears in such shelter magazines as House and Garden and Metropolitan Home, featuring sensual models, the slogan "Some People Just Know How to Live," and invariably Mr. Gold's pet bulldog, Lulu which has become something of an icon in the furniture trade. Messrs. Gold and Williams will continue to direct and operate The Mitchell Gold Co., as a wholly-owned subsidiary of Rowe Furniture. Mitchell Gold will become a member of the Board of Directors of Rowe Furniture. Together with co-founder Bob Williams, who is the design guru of the team, Mr. Gold underscores that their company's products are designed to fit in to today's relaxed lifestyle but be of lasting value. "We simply started out to build great looking and long lasting furniture. Accomplishing that, we ended up building a distinctive brand." "As we were growing, I knew that to meet our long term objectives The Mitchell Gold Co. could benefit from a corporate partner who was in synch with our view of what the furniture industry, which had gotten set in its way, needed to get out of the rut. In addition, we knew we would need greater personnel resources, " said Mitchell Gold. "In looking over possibilities, Rowe Furniture looked like the ideal fit. And after I did my due diligence and then spent a few hours over lunch with Jerry, and listened to his views on the changes taking place in our industry and how his company was, adapting to them, I knew we had a perfect fit." "The important thing for us, too, is that The Mitchell Gold Co. will retain its identity and also the force and culture we've developed within our organization," Mr. Gold adds. "We've built an incredible loyalty among our employees, who take great pride in the products they turn out and in the company for which they work, We worked hard to get there, and that's something we never want to lose. With Rowe as our corporate parent, we don't have to change a thing -- just do what we've always clone to the benefit of us both, and our customers, " Rowe Furniture Corporation is a major manufacturer of medium priced quality upholstered and wood furniture, which is sold throughout the US and abroad under the Rowe and The Wexford Collection brands. The Mitchell Gold Co. is an upper end, upholstered manufacturer which is sold under the Mitchell Gold brand and is credited with pioneering a system for slipcovered furniture.