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Markor to acquire Rowe and Jonathan Charles

2018-01-11 Tag: Markor Rowe Jonathan Charles

Markor International Home Furnishings Co. has entered into agreements to acquire Rowe Furniture and Jonathan Charles Fine Furniture.

 

Following the acquisition of a 100% stake of Rowe Furniture, Rowe’s current management team, under the leadership of current CEO Bob Choppa, will oversee and direct the upholstery collaboration of the now three Markor U.S. manufacturing and distribution divisions to ensure a smooth process of integration, the company said in a statement announcing the acquisitions.


“This is the best possible outcome for our customers,” said Choppa. “The additional capital and global resources from this partnership will increase our competitiveness, allow us to enter new product categories, and achieve synergies with our new sister companies, Caracole and A.R.T.”

 

Richard Feng, chairman and CEO of the parent company Markor, explained the strategic importance of the acquisition. “This acquisition serves as a foothold into the U.S. market allowing us to provide competitive custom upholstery with short lead-times to better serve our U.S.

 

customers. Further, by leveraging Rowe’s expertise and manufacturing capabilities, we can create custom upholstery programs for A.R.T. and Caracole, making them a complete resource to serve their growing customer base.”

 

Mark Feng, president of international business at Markor Group, who headed the acquisitions, added, “Rowe is a 70-year-old company and is among the world’s most respected custom upholstery manufacturers. It has an international reputation for quality, style and value. This acquisition creates multiple reciprocal opportunities for enhanced growth and collaboration between Rowe and Markor's U.S. business units. The acquisition will further facilitate the synergistic opening of key distribution channels for all three brands.”

 

Markor has also acquired majority ownership of Jonathan Charles, based in Vietnam, which specializes in European antique reproduction. According to the company, the acquisition will serve to offer an increased assortment of unique products for all Markor global markets including its customers in the U.S., international markets and Markor’s company-owned retail distribution throughout China.

 

“Jonathan Charles will continue to produce its universally recognized high end products emphasizing individually hand-crafted designs utilizing an impressive array of exotic materials produced at substantially lower costs,” said Richard Feng.

 

According to Mark Feng, “This acquisition will let us achieve synergy in manufacturing expertise between China and Vietnam. The efficiency and production growth will enhance the value of our offerings and services to our U.S., China and international customers who love the craftsmanship as well as the unique metalworking capabilities.”

 

Jonathan Charles will be rebranded as Jonathan & Richard. Its founder Jonathan Sowter will remain as president and creative director of Jonathan & Richard’s manufacturing base in Vietnam, known as VFR, an abbreviation of Vietnam Furniture Resources.

 

“This partnership will allow us to expand our product lines, our marketing approach and the markets where we compete,” Sowter said. “Markor brings a wealth of resources in sales channels, management and logistics. I truly believe in Mr. Feng’s vision as a business leader and an artist, and I am very excited for our future with Markor.”

 

Markor, founded in 1990 by Richard Feng, chairman and CEO, owns two U.S. subsidiaries -- A.R.T. Furniture and Caracole -- and operates 10 advanced manufacturing facilities in China. Markor In China, operates five distribution brands: Markor Furnishings, A.R.T., Rehome, Yvvy and Zest. Markor has more than 250 stores in China. The company distributes its products to 48 countries through a large network of retail partners. It employs approximately 13,000 people and is listed on the Shanghai Stock Exchange.

 

(Source:furnituretoday.com)