Its no secret that furniture manufacturing went offshore and a lot of companies chose China but its recent move to devalue its currency could have long term implications for both importers and exporters alike.
Down 2.7% in 2 days any further weakening against the dollar could make furniture exports from China more competitively priced against product made in Vietnam, Malaysia and Indonesia at a time when rising labor costs in China continue to put cost pressures on Chinese manufacturers.
Furniture Export to US
China – $12.2 billion in 2014
Vietnam -@2.6 billion in 2014
While it may be beneficial to importers whose goods come from China, it might be trouble from those relying on selling to the Chinese as furniture will become more expensive.
Canada’s retail mattress giant, Sleep Country Canada, is once again a private company after raising C$300 million following the closure of its IPO. The company commenced trading shares last week on the Toronto Stock Exchange under the symbol ZZZ (don’t you love it?!)
Ken Fulk
Pottery Barn and San Fran designer Ken Fulk partnered to do a new collection featuring 60+ pieces for living room, bedroom and bar. Look for wit, whimsy and effortless elegance from furniture to rugs, lighting to accessories. See the line up here.
Rasmus Rasmussen, co-founder and CEO of Jakarta-based startup Balkonie, believes the home furnishing market in Indonesia is worth $6billion and is hedging his bets on creating the Houzz of Indonesia. Read the full story here.
Kudos to Brad Sewell on launching Campaign this week. After moving from Cali to Boston for school his graduated IKEA budget and taste in quality didn’t match so he devised a solution that struck the cord between disposable furniture and the really high-end stuff. Campaign offers a line of sofas and chairs designed and manufactured in the US that can be assembled without any tools in a few minutes. We look forward to hearing great things as your journey continues! Read the full story here.
Being bootstrapped ourselves and sticking to it (for now), this story from India got us so excited. And while some might say vintage or industrial furniture might be over in North America but its just beginning – in India!
Last July Shivani and Mohit Lohiya cofounded Home Glamour, an ecommerce play in exactly that. “The furniture market is filled with Chinese or Indonesian, or the so-called ‘rosewood’ furniture. The existing demand and unfulfilled supply in the industrial furniture market led us to launch this platform.” But how to be different? They offered customization from the get -go and it’s working.
We’ve been highlighting all the furniture ecommerce activity in India over the past Style News recaps and given all the activity where companies like Urban Ladder, Pepperfry are launching huge rounds its refreshing to hear that there are those still determined to bootstrap. We’re watching from Canada/USA you two and rooting for you! Keep us posted.
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