Business
Lifetime Brands Inc. Grows Commercial Food Services Business with Expansion of its Mikasa Hospitality Portfolio
Secures Agreement with Premium Glassware Brands Royal Leerdam® and ONIS® Adds Scale to Commercial Food Services Business GARDEN CITY, N.Y., Sept. 27, 2024
About this update from Lifetime Brands, Inc.
[{"type":"text","content":"Secures Agreement with Premium Glassware Brands Royal Leerdam® and ONIS® Adds Scale to Commercial Food Services Business GARDEN CITY, N.Y., Sept. 27, 2024 (GLOBE NEWSWIRE) -- Lifetime Brands, Inc. (NasdaqGS: LCUT), a leading global designer, developer and marketer of a broad range of branded consumer products, today announced it has signed an agreement to expand its product offerings within its Mikasa Hospitality division to distribute and market the Royal Leerdam® and ONIS® brands. Both brands are part of the renowned European glass producer Leerdam Crisal Glass, which boasts a rich heritage rooted in the historic glassmaking cities of Leerdam (The Netherlands) and Marinha Grande (Portugal). Lifetime continues to validate its growth strategy with execution through investment in the high growth business line of Commercial Food Services, evident in the new agreement in glassware. With the addition of these brands Lifetime expects to grow its share of the $2 billion addressable market in commercial food services. Importantly, the new product offerings are expected to begin shipping in 2024 and we believe the agreement with Royal Leerdam and ONIS will generate additional revenue in Commercial Food Services for Lifetime's Mikasa Hospitality division. New Brands: Premium Glassware in Food Services Portfolio 1) Royal Leerdam has a storied legacy of 145 years in designing and manufacturing premium glassware for the hospitality industry. Known for its exquisite blend of elegant design and functional details, Royal Leerdam’s high-quality collections cater to every occasion, offering a versatile range of elegant stemware, all-rounders, and specialty glasses. 2) ONIS, the new iconic brand from Leerdam Crisal Glass, brings a bold and innovative approach to professional glassware. With its distinctive and stylish designs, ONIS aims to make a statement in bars, hotels, and restaurants, inspiring industry professionals to create the ultimate drinking experience. The incorporation of these esteemed brands represents a significant milestone for Mikasa Hospitality. This expansion aligns with our commitment to providing the finest dinnerware, flatware, buffetware, serveware, and now, premium glassware tailored specifically for the foodservice industry. Forward-Looking Statements In this press release, the use of the words “aims,” “believe,” “conti...