The midcentury modern, millennial-focused e-commerce furniture retailer and manufacturer Joybird will become a wholly owned subsidiary of La-Z-Boy in the second quarter of fiscal 2019. Joybird had reported annual revenue last year of approximately $55 million. Terms of the acquisition haven’t yet been disclosed, but La-Z-Boy will share financial information next month.
Joybird is headquartered in Commerce, California, and has manufacturing operations in Tijuana, Mexico. It was founded in 2014 by Alex Del Toro, Andres Hinostroza, Joshua Stellin and Christopher Stormer; the team will stay on to manage sales, customer service, marketing and brand development, as well as the overall operation of the business. La-Z-Boy will provide supply chain support, including procurement and manufacturing.
“Joining forces with La-Z-Boy will be a strategic game changer for our company, as it will provide access to resources and additional capacity,” Stormer said in a statement announcing the acquisition. “We started Joybird with small investments from family and friends and enjoyed rapid growth over the past four years. However, to expand our business further, we need the additional capabilities that La-Z-Boy is providing, including its amazing supply chain with nationwide delivery capabilities. Joining La-Z-Boy provides us with the ability to become the leading online destination for unique, modern and contemporary furniture.”
Kurt L. Darrow, chairman, president and chief executive officer of La-Z-Boy, said in a statement: “The Joybird team has created an incredible brand and online shopping platform, and this combination provides great synergies for both companies. For La-Z-Boy, it will allow us to better reach millennial and Gen X consumers, leverage our supply chain assets and provide us with a greater presence online. For Joybird, the speed of its growth has been constrained by limited capital and production capacity. When we combine our world-class supply chain with Joybird’s current manufacturing capabilities, it will be able to accelerate expansion and better service its customers, by improving production speed and shortening delivery times, while lowering costs. It is truly a complementary scenario, and we look forward to this exciting extension of our business.”
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FAQs
La-Z-Boy Incorporated has inked an agreement to acquire Joybird, an e-commerce retailer and manufacturer of upholstered furniture. The deal is expected to close early in the second quarter of La-Z-Boy's fiscal year 2019, at which time Joybird will become a wholly-owned subsidiary of La-Z-Boy, a news release said.
Is Joybird furniture made in China? ›
With corporate headquarters in Los Angeles, warehouse distribution in San Diego, and manufacturing facilities in Tijuana, Mexico, Joybird strives to reduce our carbon footprint and help grow local communities by providing well-paying jobs, benefits, and a family culture like no other.
Who owns Lazyboy? ›
Institutions that own LZB
| BlackRock Fund Advisors | 6080669 | 14.26% |
|---|
| The Vanguard Group, Inc. | 4942449 | 11.59% |
| Dimensional Fund Advisors LP | 3056183 | 7.17% |
| LSV Asset Management | 1762777 | 4.13% |
| Macquarie Investment Management Ltd. | 1732885 | 4.03% |
5 more rowsDiscover the top 5 recliner brands that excel in comfort, style, and quality. Explore La-Z-Boy, Ashley, Flexsteel, Parker House, and Franklin recliners at Homemakers Furniture to find the perfect addition to your home.
Is Lazy Boy made in China? ›
Problems range from harsh labor practices to toxic foam... La-Z-Boy proudly makes our furniture in the U.S.A. 🇺🇸 Since 1927, La-Z-Boy® has employed thousands of dedicated men and women across the USA. We want you to not only feel good about how your furniture is made, but also where it's made.
Why are Lazy Boy couches so expensive? ›
The internal structure is carefully assembled piece by piece, making the cost much higher than recliners that use a one-piece wooden structure. But that gives an advantage: when the recliner is damaged, it can be repaired separately and parts replaced at specific points.
What is the Joybird controversy? ›
Jacobs v. La-Z-Boy Incorporated et al.
La-Z-Boy, Inc. A proposed class action alleges that furniture and home décor products sold on Joybird.com and at Joybird retail showrooms are perpetually offered at fake discounts that deceptively “lure” consumers with the promise of huge savings.
Is Joybird an ethical company? ›
These certified products are instrumental in effectively limiting chemical emissions, ensuring that harmful chemical compounds are not substantially released into the indoor air. Joybird is fully dedicated to incorporating Greenguard Gold Certification into select textile products.
Who is the CEO of Joybird? ›
Christopher Stormer Joybird CEO Rating
Christopher Stormer the CEO of Joybird received an average score of 62 from Joybird employees.
Is Lazy Boy still made in USA? ›
Thankfully, the La Z Boy website narrows it down and states that their products are made in the US and Mexico. Both the US and Mexico are a part of North America, so they aren't wrong with their handcrafting statement. Manufacturing plants are spread equally in these two countries, with three locations in each.
Melinda Whittington became President and Chief Executive Officer of La-Z-Boy Incorporated in April 2021.
Are Lazyboy and La-Z-Boy the same? ›
Let's clarify: La-Z-Boy and Lazyboy refer to the same brand, but “Lazyboy” is a common misspelling of the correct name, La-Z-Boy. At La-Z-Boy Home Furnishings & Décor, customers are often curious about the La-Z-Boy brand.
Are Joybird and Lazy Boy the same company? ›
Joybird, which will become a wholly owned subsidiary of La-Z-Boy, is the trade name of Stitch Inds. Headquartered in Commerce, Calif., with manufacturing operations in Tijuana, Mexico, Joybird is privately owned and was established in 2014 by Alex Del Toro, Andres Hinostroza, Joshua Stellin and Christopher Stormer.
Who is Lazy Boy's biggest competitor? ›
1. Ashley Furniture. Ashley Furniture is a leading competitor of La-Z-Boy in the furniture industry. As one of the largest furniture manufacturers in the world, Ashley Furniture offers a wide range of products, including sofas, recliners, and sectionals.
Who makes the best recliners in the USA? ›
More
- Best Overall: West Elm Harris Leather Power Recliner » ...
- Best Budget: Ashley Ludden Manual Rocker Recliner » ...
- Best Splurge: La-Z-Boy Pinnacle Platinum Power Lift Recliner » ...
- Best for Older Adults: Ashley Ernestine Power Lift Recliner » ...
- Best for Sleep Apnea Relief: Ashley Yandel Power Lift Recliner »
With such efficient manufacturing capabilities and enviable logistics, England attracted the attention of La-Z-Boy Co. and now operates as an independent division since 1995.
Is Joybird American made? ›
Where are your items made/sourced from? We look for the finest craftsmen for each of our products. As a result, we have a dedicated manufacturing facility in Tijuana, Mexico and we work with manufactu...
Who is the inventor of Lazyboy? ›
The name: Edwin Shoemaker. The invention: the La-Z-Boy recliner. Mr. Shoemaker, a Michigan farmboy whose decision to tinker in novelty furniture made him the co-owner of one of the country's most successful furniture companies, died Sunday in his winter home in Sun City, Ariz.
