Powell signs licensing deal to make Bombay-branded furnishings
Ray Allegrezza -- Kids Today, 7/24/2012 10:17:23 AM
Home furnishings importer Powell Company has entered into a licensing partnership with The Bombay Company, a leader in globally inspired classic furniture and home décor.
Under the multi-year agreement, Powell will design, source, develop and distribute new Bombay-branded furniture in each of its core categories including dining, occasional, youth and accent furniture.
Powell CEO Jim Ziozis said the company will begin discussing product development with retailers during the Las Vegas Market, and will unveil more than 50 Bombay-branded items at the October High Point Market in its showroom at 200 S. Main St.
The new assortments, which will be in keeping with Powell's current pricing structure, are expected to ship by the end of the year and appear on retailers' floors in January.
"The Bombay Company has always been synonymous with value luxury, stylish design and time-tested quality," said Wil Hollands, president of Hermes-Otto International USA, owner of the Bombay brand. "We are proud to partner with The Powell Company, a recognized name in the home furnishings industry who is known for their dedication to craftsmanship and timeless designs."
"Bombay is still one of the best-known furniture brands in the industry and it resonates strongly with consumers of all ages so we immediately embraced the brand once it became available," said Ziozis. "It is a perfect match for The Powell Company's traditional and core competencies. Our retail partners are as excited about this as we are."
The Bombay brand was built around a chain of boutique specialty home stores that at its peak achieved over $500 million in sales and had more than 450 stores. Though Bombay discontinued its retail operation in 2008, the consumer's desire for its products is still strong, officials said.
"Bombay is still one of the best-known furniture brands in the industry and it resonates strongly with consumers of all ages so we immediately embraced the brand once it became available," said Ziozis. "It is a perfect match for The Powell Company's traditional and core competencies. Our retail partners are as excited about this as we are....
"Recent surveys show that even though there are no Bombay stores in the U.S., the Bombay brand remains a relevant brand that the consumer stills searches for online," he added.
"In fact, one of the surveys found that on a monthly basis, Bombay Company receives 818,000 search queries, with the top search being for Bombay Furniture. This clearly shows a pent up demand for these products."
Ziozis said the licensing agreement will not result in Powell selling into any of the existing Bombay stores operating in Canada, but did say that the agreement will enable Powell to develop and enter new product categories for the company, including watch cases and watch winders.
The Bombay Company will continue developing and maintaining long-term relationships with key retailers to expand their presence across multiple lifestyle categories.
Bombay Brands, a brand management company that owns, markets and licenses the Bombay trademarks globally, is not affiliated with the former Bombay company.
"This is a wonderful opportunity for Powell," Ziozis said. "The Bombay brand is a timeless, classic brand that continues to strongly resonate with the consumer. It's going to gratifying to see two strong partners work together to take the Bombay brand to the next level."
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