In this week's design, 1980s designs are gaining popularity on Instagram Reel, ushering in what's being called a “glass block renaissance.” Stay up to date with our weekly roundup of headlines, new products, events, recommended reads and more.
Business News
The Federal Trade Commission unanimously blocked Tempur Sealy International's $4 billion deal to acquire Mattress Firm. The FTC voted 5-0 against the merger, which allowed Tempur Sealy to stifle competition and raise mattress prices for consumers. The FTC argues that the merger could have led to the closure of competing suppliers and manufacturing layoffs in nearly a dozen states. The FTC's vote will allow a lawsuit and a motion for preliminary relief to be filed in the U.S. District Court for the Southern District of Texas to block the transaction after the administrative process. Tempur Sealy initially expected the transaction to close in mid-to-late 2024, but the future of the merger remains uncertain. Market WatchTempur Sealy CEO Scott Thompson said the company would consider a share buyback if the acquisition fails.
Ingka Investments, a unit of IKEA's parent company, Ingka Group, has bought a stake in 570 Fifth Avenue, a new tower being built by Extell Development and scheduled for completion in 2028. Genuine The deal will reportedly give Ingka 80,000 square feet of retail space, as well as a one-third stake in the rest of the building. According to a statement from Ingka Group, the acquisition marks the latest step in the housing giant's long-term plan to develop its “urban retail presence” after introducing smaller downtown stores in cities such as San Francisco, London and Paris.
Last week, RH Chairman and CEO Gary Friedman bought $10 million worth of stock in the company at an average price of $216.10 a share. Friedman is already RH's largest individual shareholder, now owning more than 25% of the shares outstanding. In other RH news, animal rights group PETA made a surprise move at RH's in-person shareholder meeting last week, where supporters of the group confronted Friedman and other executives about RH's use of down and feathers in its products. PETA representatives showed footage of the mistreatment of birds from an investigation into down suppliers, many of which the group claims are sold under the Responsible Down Standard label. Since buying RH's stock in 2012, PETA has been calling on the company to stop selling down and has frequently attended annual meetings to put further pressure on the retailer. RH now offers down alternatives in nearly all of its bedding and upholstery products, but the group continues to urge the company to expand its offering of alternative inserts to decorative pillowcases.
Mellow River, a division of Asia-based furniture manufacturer Green River Group, has acquired Hillsdale Furniture, a full-line furniture resource. Home News Following the acquisition, the company will reportedly change its name to HH2 Home and Green River Group executive vice president Angela Hsu will assume the CEO role previously held by Brian Hendricks. HH2 senior vice president John Elting, who will remain in his role, said the acquisition provides the company with a strategy for moving forward after a “storm of unfortunate circumstances” forced it to either find a new owner or liquidate.
Lumber prices, a gauge of the housing market's health, have fallen to the lowest levels seen since the pandemic began. The Wall Street Journal Lumber futures have reportedly fallen 27% since mid-March, despite the normally peak building season, according to industry publications and pricing services. Random lengthOverall local selling prices (or going rates) for framing lumber fell to $366 per 1,000 board feet last week, the lowest since May 2020. Despite a surge in sales during the pandemic building and remodeling boom, the housing market has slumped over the past two years, forcing several major sawmills to close or scale back operations. Industry experts expect the housing sector to recover as more sawmills close and supply matches depressed demand, and as interest rates start to fall, revitalizing the repair and renovation market.
Doug Diemos, a former executive at several top home industry brands, has acquired antique reproduction company GJ Styles from GJ Styles Holdings. Home News According to reports, the company was founded in Herefordshire, England in 1985 by Glynn and Jill Stiles and later relocated to High Point, North Carolina to meet the demand for antique reproductions in the United States. Diemos was CEO and co-founder of now-closed home décor manufacturer Made & Modern, and previously served as president of Pier 1, CEO of Crate & Barrel, and chief development officer for RH. Following the acquisition of GJ Stiles, Diemos will continue to operate the company from its current distribution center, showroom and headquarters, and staff will remain in their current roles.
VW Woodcraft, an Ohio-based Amish furniture manufacturer, has been purchased by Norman and Mary Yoder. Today's furniture Terms of the deal were not disclosed, according to the report. The 32-year-old company was founded by Vernon Weaver and has grown into a manufacturer of solid wood furniture including benches, tables, dressers and chests. Under the new ownership, the company will change its name to Sunrise Wood and will maintain its current catalog and prices for the time being.
Launches and collaborations
RH further expanded its reach into the hospitality sector last week by launching the charter of its 130-foot luxury expedition yacht, RH Three. Forbes According to reports, the yacht reflects RH's design philosophy and features four staterooms with lustrous lacquered walls, floor-to-ceiling windows and bathrooms decorated with Italian Carrara marble. The vessel officially set sail this spring, with its first promotional stops at the Cannes Film Festival and the Monaco Grand Prix.
Kohler has partnered with contemporary artist and sculptor Daniel Arsham on a multifaceted collaboration that includes the introduction of a private luxury retreat called the Arsham Cabin. Featuring elements of Arsham's work throughout the design, the space sleeps up to four and is located a short drive from Kohler's American Club Resort in Wisconsin, which will soon be home to six large-scale sculptures created in collaboration with Arsham. The partnership also includes the debut of Landshapes, a new bathroom collection featuring hand-carved freestanding bathtubs, vessel sinks, decorative glass faucet handles and organically shaped mirrors, due to debut later this year.
Showroom Representative
Ralph Pucci currently represents Stephen Bishop, a Los Angeles-based sculptor and furniture designer who works primarily in materials such as wood and Ralph Pucci's signature gypsum glass, combining functionality with rugged beauty in his catalogue of handcrafted designs.
Stephen Bishop at LA StudiosCourtesy of Ralph Pucci
Recommended reading
Climate change is making record-breaking hot summers more frequent, and while air conditioning won't go away, it is being improved.
for The New York TimesCallie Holtermann explores a new wave of aesthetically pleasing air conditioning window unit sellers who represent the latest wave of appliance manufacturers joining the ranks of refrigerator, vacuum cleaner, and television makers to turn an unfashionable necessity into a status symbol (even if the difference in quality is questionable).
Across the country, from Marilyn Monroe's final residence to those designed by famous architects like Craig Ellwood and Tadao Ando, a familiar pattern is playing out: Luxury homebuyers are demolishing historic houses and replacing them with luxury new constructions. Town & CountryAndrew Zucker dives deep into this trend, investigating the pool of buyers willing to take controversial steps to demolish culturally significant homes, and the pool of sellers who prioritize new owners who can promise preservation.
Applause
In recognition of his contribution to Italian design culture, the ADI Design Museum in Milan has awarded this year's Compasso d'Oro Career Award to architect, art director and designer Piero Lissoni, founder and head of the multidisciplinary design studio Lissoni & Partners. According to the awards jury, Lissoni was selected for demonstrating an unwavering commitment to modernism throughout his career through a variety of project disciplines.
The International Furniture Design Association Educational Foundation has announced the 2024 recipients of its Design Student Scholarship. This year, the judges awarded a total of $20,500 to nine scholarship recipients. The recipients include Anna Goodman of Virginia Tech, Olivia White of the New York School of Interior Design, Annaliese Narum of the University of Idaho, Hamed Yekita of Texas Tech, Lindsay Molitor of Kansas State University, Estella Loudon of Central Michigan University, Joshua Archer of Savannah College of Art and Design, Michaela Simon of Moore College of Art and Design, and Elizabeth Velazquez of Indiana University Bloomington.
