North Carolina-based Culp Inc. (NYSE: CULP) has completed its majority ownership investment in Evansville-based eLuxury. Culp, which announced the investment last month in its quarterly earnings report, says the deal "expands our ability to participate in the rapidly growing e-commerce direct-to-consumer space."
eLuxury manufactures bedding accessories and home goods from its Evansville headquarters. Culp President Iv Culp says the investment will also expand the company’s addressable market and provide a new sales channel for the company in the bedding accessories category.
"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," said Culp. "We also have an opportunity to market our new line of bedding accessories, as well as other home products that we may develop, including items made from our upholstery fabrics, through this e-commerce platform."
eLuxury founder and Chief Executive Officer Paul Saunders will maintain a minority interest in the company and continue in his role. He calls the partnership with Culp a "great opportunity."
Culp manufactures mattress fabrics for bedding and upholstery fabrics for residential and commercial furniture. The company has facilities through the U.S., Canada, China and Haiti.