Lifetime Brands Acquires Creative Tops
Creative Tops mug
GARDEN CITY, N.Y.-Housewares giant Lifetime Brands has reached across the pond for its latest acquisitions: U.K.-based Creative Tops along with Hong Kong-based Creative Tops Far East Limited, which provides sourcing and other services for Creative Tops and its customers. Terms of the acquisition were not announced.
Creative Tops manufactures tableware, kitchenware and giftware and sells through multiple distribution channels to retailers in Europe, Australia, Africa and the Far East. It offers several licensed collections, including those from the Victoria and Albert Museum and Royal Botanic Gardens Kew. It also produces private label goods for American retailers and in recent months has been working to establish its brand here in the U.S. Creative Tops and CTFE had combined net revenues of approximately $42.3 million in fiscal 2011, according to a statement.
"The acquisition of Creative Tops and CTFE represents a compelling, multifaceted opportunity that will allow us to accelerate our growth and to strengthen our business," said Jeff Siegel, chairman, president and CEO, Lifetime. "Creative Tops is a highly regarded provider of private label and branded housewares products. The company focuses on quality and design, and has an extensive sourcing infrastructure."
Lifetime plans to maintain the management team of Creative Tops under the leadership of Patricia Dawson, Siegel said.
The acquisition enables both Lifetime and Creative Tops to leverage the other's existing relationships. Lifetime said it can now accelerate plans to introduce its key tabletop brands, such as Mikasa, Pfaltzgraff, Gorham, International Silver, Towle Silversmiths and Wallace, into key markets in Europe, Asia and South Africa, where Creative Tops has strong relationships with local retailers.
Creative Tops, in turn, can utilize both Lifetime's designing, sourcing and merchandising kitchenware capabilities to debut new assortments of branded and private label kitchenware programs, as well as Lifetime's B2B and B2C internet infrastructure, to expand into new marketing channels.