In a significant move within the home furnishings industry, Ashley Home Inc. and Resident Home Inc. have announced a strategic agreement today. Under this agreement, Ashley Home Inc., an affiliate of Ashley Global Retail, will acquire Resident Home Inc. ("Resident").
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The decision, unanimously approved by the board of directors of both companies, signifies a pivotal moment for Resident, a prominent digital retailer and wholesaler specialising in mattresses and bedding accessories. Through this acquisition, Resident aims to diversify its home furnishings offerings and expand its global presence. Operated under Ashley's affiliate, Ashley Furniture Inds., Resident is poised to benefit from enhanced sourcing capabilities and operational efficiencies, facilitating further growth across its direct-to-consumer and wholesale channels.
Resident has garnered acclaim for its renowned brands such as Nectar, DreamCloud, Awara, and Siena, establishing itself as a leader in online mattress sales and bedding accessories. Its success is attributed to its expertise in data science, performance marketing, and e-commerce technology. Beyond its digital platform, Resident's products are available at over 2,500 retailers nationwide, as well as in Canada and the U.K. Following the acquisition, co-founders and co-CEOs Eric Hutchinson and Ran Reske will retain their positions within Resident.
Source: www.furnituretoday.com