Lifetime Brands Inc. Grows Commercial Food Services Business with Expansion of its Mikasa Hospitality Portfolio
Secures Agreement with Premium Glassware Brands Royal Leerdam® and ONIS®
Adds Scale to Commercial Food Services Business
GARDEN CITY, N.Y., Sept. 27, 2024 (GLOBE NEWSWIRE) -- Lifetime Brands, Inc. (NASDAQ:LCUT), a leading global designer, developer and marketer of a broad range of branded consumer products, today announced it has signed an agreement to expand its product offerings within its Mikasa Hospitality division to distribute and market the Royal Leerdam® and ONIS® brands. Both brands are part of the renowned European glass producer Leerdam Crisal Glass, which boasts a rich heritage rooted in the historic glassmaking cities of Leerdam (The Netherlands) and Marinha Grande (Portugal).
Lifetime continues to validate its growth strategy with execution through investment in the high growth business line of Commercial Food Services, evident in the new agreement in glassware. With the addition of these brands Lifetime expects to grow its share of the $2 billion addressable market in commercial food services. Importantly, the new product offerings are expected to begin shipping in 2024 and we believe the agreement with Royal Leerdam and ONIS will generate additional revenue in Commercial Food Services for Lifetime's Mikasa Hospitality division.
New Brands: Premium Glassware in Food Services Portfolio
1) Royal Leerdam has a storied legacy of 145 years in designing and manufacturing premium glassware for the hospitality industry. Known for its exquisite blend of elegant design and functional details, Royal Leerdam's high-quality collections cater to every occasion, offering a versatile range of elegant stemware, all-rounders, and specialty glasses.
2) ONIS, the new iconic brand from Leerdam Crisal Glass, brings a bold and innovative approach to professional glassware. With its distinctive and stylish designs, ONIS aims to make a statement in bars, hotels, and restaurants, inspiring industry professionals to create the ultimate drinking experience.
The incorporation of these esteemed brands represents a significant milestone for Mikasa Hospitality. This expansion aligns with our commitment to providing the finest dinnerware, flatware, buffetware, serveware, and now, premium glassware tailored specifically for the foodservice industry.
Forward-Looking Statements
In this press release, the use of the words "aims," "believe," "continue," "could," "deliver," "drive," "enable," "expect," "gain," "goal," "grow," "intend," "maintain," "manage," "may," "outlook," "plan," "positioned," "project," "projected," "should," "take," "target," "unlock," "will," "would", or similar expressions is intended to identify forward-looking statements. Such statements include all statements regarding the growth of the Company, the Company's financial guidance, the Company's ability to navigate the current environment and advance the Company's strategy, the Company's commitment to increasing investments in future growth initiatives, the Company's initiatives to create value, the Company's efforts to mitigate geopolitical factors and tariffs, the Company's current and projected financial and operating performance, results, and profitability and all guidance related thereto, including forecasted exchange rates and effective tax rates, as well as the Company's continued growth and success, future plans and intentions regarding the Company and its consolidated subsidiaries. Such statements represent the Company's current judgments, estimates, and assumptions about possible future events. The Company believes these judgments, estimates, and assumptions are reasonable, but these statements are not guarantees of any events or financial or operational results, and actual results may differ materially due to a variety of important factors. Such factors might include, among others, the Company's ability to comply with the requirements of its credit agreements; the availability of funding under such credit agreements; the Company's ability to maintain adequate liquidity and financing sources and an appropriate level of debt, as well as to deleverage its balance sheet; the possibility of impairments to the Company's goodwill; the possibility of impairments to the Company's intangible assets; the highly seasonal nature of the Company's business; the Company's ability to drive future growth and profitability from its European operations; changes in U.S. or foreign trade or tax law and policy; changes in general economic conditions that could impact the Company's customers and affect customer purchasing practices or consumer spending; customer ordering behavior; the performance of the Company's newer products; expenses and other challenges relating to the integration of any future acquisitions; changes in demand for the Company's products; changes in the Company's management team; the significant influence of the Company's largest stockholder; fluctuations in foreign exchange rates; changes in U.S. trade policy or the trade policies of nations in which the Company or the Company's suppliers do business; shortages of and price volatility for certain commodities; global health epidemics, such as the COVID-19 pandemic; social unrest, including related protests and disturbances; the emergence, continuation and consequences of geopolitical conditions, including political instability in the U.S. and abroad, unrest, war, conflict, including those related to the conflicts in Ukraine, Israel and surrounding areas; macro-economic challenges, including inflationary impacts and disruptions to the global supply chain; increase in supply chain costs; the imposition of tariffs and other trade policies and/or economic sanctions implemented by the U.S. and other governments; the Company's ability to successfully integrate acquired businesses; the Company's expectations regarding customer purchasing practices and the future level of demand for the Company's products; the Company's ability to execute on the goals and strategies set forth in the Company's five-year plan; and significant changes in the competitive environment and the effect of competition on the Company's markets, including on the Company's pricing policies, financing sources and ability to maintain an appropriate level of debt. The Company undertakes no obligation to update these forward-looking statements other than as required by law.
Lifetime Brands, Inc.
Lifetime Brands is a leading global designer, developer and marketer of a broad range of branded consumer products used in the home. The Company markets its products under well-known kitchenware brands, including Farberware®, KitchenAid®, Sabatier®, Amco Houseworks®, Chef'n® Chicago™ Metallic, Copco®, Fred® & Friends, Houdini™, KitchenCraft®, Kamenstein®, La Cafetière®, MasterClass®, Misto®, Swing-A-Way®, Taylor® Kitchen, Rabbit®, and Dolly® ; respected tableware and giftware brands, including Mikasa®, Pfaltzgraff®, Fitz and Floyd®, Empire Silver™, Gorham®, International® Silver, Towle® Silversmiths, Wallace®, Wilton Armetale®, V&A®, Royal Botanic Gardens Kew®, Year & Day®, Dolly®, Royal Leerdam®, and ONIS®; and valued home solutions brands, including BUILT NY®, S'well®, Taylor® Bath, Taylor® Kitchen, Taylor® Weather, Planet Box®, and Dolly®. The Company also provides exclusive private label products to leading retailers worldwide.
The Company's corporate website is www.lifetimebrands.com.
Contacts:
Lifetime Brands, Inc.
Laurence Winoker, Chief Financial Officer
516-203-3590
[email protected]
or
MZ North America
Shannon Devine / Rory Rumore
Main: 203-741-8811
[email protected]
