HIGH POINT, N.C. — June 26, 2018 — Culp Inc. today announced the company has completed its previously announced majority ownership investment in eLuxury, an internet company offering bedding accessories and home goods direct to consumers. Based in Evansville, Ind., eLuxury’s primary products include a line of mattress pads manufactured at the Evansville location. eLuxury also offers handmade platform beds, cotton bed sheets, and other bedding items. eLuxury’s revenue is on a current annual run rate of $22 million for 2018, excluding related seller businesses that are not part of this transaction. Its products are available on eLuxury’s own branded website, eLuxury.com, Amazon and other leading online retailers for specialty home goods.
Commenting on the announcement, Iv Culp, president of Culp’s mattress fabrics division, said: “This strategic investment substantially expands our addressable market, provides an important new sales channel for Culp in the bedding accessories category, and expands our ability to participate in the rapidly growing e-commerce direct-to-consumer space. This business combination brings together eLuxury’s experience in e-commerce, online brand building, and direct-to-consumer shopping and fulfillment expertise with Culp’s extensive global production, design and product development capabilities, and distribution network. We also have an opportunity to market our new line of bedding accessories, ‘Comfort Supply Company by Culp’, as well as other home products that we may develop, including items made from our upholstery fabrics, through this e-commerce platform. We are excited to work with Paul Saunders, a successful entrepreneur, and we look forward to having his associates as partners with the Culp team.”
Saunders, eLuxury’s founder and CEO, will maintain a minority interest in the company and remain in his role. Saunders stated, “This is a great opportunity for eLuxury to partner with a market leader, and we look forward to our relationship with Culp. Our companies share similar values and a common business culture centered around product excellence and exceptional customer service. We are excited about the significant opportunities to leverage our combined expertise and expand our product offering into new markets.”
Posted June 26, 2018
Source: Culp
