Lifetime Brands, Inc. (NASDAQ GS: LCUT), a leading global provider of kitchenware, tabletop and home décor products, announced today that it has entered into a joint venture with King's Flair Development Ltd. (“King's Flair”), to distribute Mikasa ® products in China.
Jeffrey Siegel, Lifetime’s Chairman, President and Chief Executive Officer commented,
“This new joint venture positions Lifetime to take advantage of a significant growth opportunity in China, where a rapidly expanding consumer class has demonstrated an affinity for globally branded luxury goods at affordable price points. Mikasa ® dinnerware, flatware, crystal and glassware products are carried by leading department and specialty stores in the United States and in selected foreign markets, and are featured prominently on retailers’ websites, where they can be viewed by consumers around the world. The brand is known for contemporary patterns and designs that match the shopping patterns of young, urban, middle-income Chinese families.
“King’s Flair, which distributes a broad range of housewares products in China, brings us an established distribution infrastructure, excellent relationships with key retailers and experienced local sales teams. Sales will begin in the first quarter of 2012.“We believe that this alliance will further enhance Lifetime’s position as a global leader in the housewares business.” Based in Hong Kong, King's Flair is principally a supplier of housewares products. The company also distributes housewares products through retailers in China and acts as a trading company. Lifetime Brands, Inc. Lifetime Brands is a leading global provider of kitchenware, tabletop and home décor products. The Company markets its products under such well-known kitchenware brands as Farberware ®, KitchenAid ®, CasaMōda ®, Cuisinart ®, Cuisine de France ®, Design for Living™, Hoffritz ®, Kamenstein®, Kizmos™, Misto ®, Pedrini ®, Roshco ®, Sabatier ® and Vasconia ®; respected tabletop brands such as Mikasa ®, Pfaltzgraff ®, Creative Tops ®, Calvin Klein ®, Gorham ®, International ® Silver, Kirk Stieff ®, Nautica ®, Sasaki ®, Towle ® Silversmiths, Tuttle ®, Wallace ®, V&A ® and Royal Botanic Gardens Kew ®; and leading home décor brands, including Elements ® and Melannco ®. The Company’s corporate website is www.lifetimebrands.com. Forward-Looking Statements In this press release, the use of the words “believe,” "could," "expect," "may," "positioned," "project," "projected," "should," "will," "would" or similar expressions is intended to identify forward-looking statements that represent the Company’s current judgment about possible future events. The Company believes these judgments are reasonable, but these statements are not guarantees of any events or financial 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; changes in general economic conditions which could affect customer payment practices or consumer spending; the impact of changes in general economic conditions on the Company’s customers; changes in demand for the Company’s products; shortages of and price volatility for certain commodities; 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 an appropriate level of debt.