ARC International, the parent company of Mikasa, a leading brand in premium tableware, announced it has retained Morgan Joseph & Co. Inc. as financial advisor to conduct an evaluation of strategic alt…
ARC International, the parent company of Mikasa, a leading brand in premium tableware, announced it has retained Morgan Joseph & Co. Inc. as financial advisor to conduct an evaluation of strategic alternatives for its premium brand Mikasa, with particular emphasis on the potential sale of the company. ARC International is seeking buyers for its prestigious Mikasa and Salviati brands in order to focus its efforts on its successful core manufacturing business. In addition, Mikasa announced 14 June 2007 that it is closing its 86 retail factory outlets in North America to focus on building its successful wholesale business with premium department and specialty stores. Mikasa is among the world“s best recognized names in premium tableware with a tradition of quality and high brand awareness. Mikasa brands include Mikasa, Celebrations by Mikasa, Gourmet Basics by Mikasa and Lauren Ralph Lauren. The move will affect about 900 employees in Mikasa retail outlets in North America. The closures are expected to be completed by December 2007. Mikasa officials expect that the closure of the factory outlet stores will enhance its brands in the eyes of consumers while its new focus and investment in the wholesale area will enhance its partnerships with premium retailers. Since Mikasa“s factory outlets operate independently from its business with retail partners, there will be no impact on wholesale customers during the transition period. “In fact, Mikasa will provide even higher quality products and support to our wholesale customers and partners over time as we concentrate on our wholesale business in connection with our current or new owner”, said John Ranelli, chief executive officer of Mikasa. For years Mikasa“s wholesale business, which includes customers such as Bloomindgales, Macy“s and Dillards, has performed well, while the factory outlet retail stores have struggled. “It“s clear that a good future awaits a Mikasa focused on wholesale”, said Mr. Ranelli. “Mikasa“s next owner will be investing in a brand with a great heritage and high growth potential”.