Card Factory has taken a significant step by entering the US market.
- The acquisition involves Minnesota-based Garven Holdings for $25 million (£20 million).
- This move aligns with Card Factory’s international growth strategy and focus on partnerships.
- Garven Holdings is known for its design and wholesale of gifts and celebration essentials.
- Card Factory’s entry is a strategic effort to tap into the £70 billion US celebration market.
Card Factory is venturing into the US market by acquiring Minnesota-based Garven Holdings for $25 million (£20 million). This development is seen as a major step forward for the UK retailer in expanding its international presence.
The acquisition aligns with Card Factory’s objective to enhance its international growth by focusing on strategic partnerships. By securing a foothold in the lucrative £70 billion US celebration sector, Card Factory aims to accelerate its growth plans.
Garven Holdings, operating under the brands Garven Design and Cadence Packaging, specialises in the design and wholesale distribution of gifts and celebration essentials. This acquisition presents Card Factory with opportunities to leverage ‘design and buying synergies’ and potentially introduce its own product lines into the US market.
Anne Schulze, Chief Operating Officer, and Walter Jungbauer, Chief Financial Officer, will continue their roles to ensure the smooth management of Garven Holdings’ operations. Their leadership is expected to facilitate the effective integration of the businesses.
Card Factory’s CEO, Darcy Willson-Rymer, remarked on the acquisition’s importance as a strategic milestone, highlighting Garven’s strong reputation for quality and design. The acquisition is anticipated to allow Card Factory to scale up in the world’s largest market for celebration occasions, building on existing commercial relationships and developing new ones.
Moreover, Card Factory reported that its trading performance in the latter half of the year has been consistent with expectations, with a robust start to the Christmas trading period. The company maintains its full-year expectations amid an ongoing focus on productivity and efficiency savings.
Card Factory’s strategic move into the US market with the Garven Holdings acquisition exemplifies its commitment to international growth through partnerships.
