CTFE provides product design, sourcing, quality assurance, ethical compliance and audit, merchandising, logistics, order fulfillment and other services for Creative Tops, as well as for its global retailer partners that choose to develop their own in-line or seasonal offerings and promotions.
Creative Tops’ products are sold under retailers’ private label brands, under the company’s Creative Tops ® brand and pursuant to certain licensed trademarks; including V&A ® , an assortment that features designs adapted from the extensive archive of the Victoria and Albert Museum, and Royal Botanic Gardens Kew ® , a collection of designs based on artwork from the Library at Royal Botanic Gardens, Kew. The company also operates a consumer website www.english-table.com.
The acquisition significantly broadens the geographic scope of Lifetime’s business; thereby:
- Enabling Lifetime to accelerate its plans to introduce its key tabletop brands, including Mikasa ®, Pfaltzgraff ®, Gorham ®, International ® Silver, Towle ® Silversmiths and Wallace ®, into key markets in Europe, Asia and South Africa, where Creative Tops has strong relationships with local retailers;
- Enabling Creative Tops to increase its growth and profitability by utilizing Lifetime’s experience in designing, sourcing and merchandising kitchenware products to provide its customers with new assortments of branded and private label kitchenware programs;
- Allowing Creative Tops to expand into new marketing channels by levering Lifetime’s B2B and B2C Internet infrastructure;
- Enabling Lifetime and its international partners Grupo Vasconia and Lifetime Brands Canada to introduce Creative Tops’ successful lines of tableware, kitchenware and giftware products to retailers in North and Central America;
- Allowing Lifetime to become a more effective global resource to its key retailer partners.
The acquisition will have no material impact on Lifetime’s diluted earnings per share in 2011, and is expected to be accretive to the Company’s diluted earnings per share in 2012. The terms of the acquisition were not announced. Lifetime intends to file a Current Report on Form 8-K on November 8, 2011.