About Lifetime Brands

Lifetime Brands, Inc. designs, sources and sells branded kitchenware, tableware and other products used in the home and markets its products under a number of widely-recognized brand names and trademarks, which are either owned or licensed by the company or through retailers’ private labels and their licensed brands. The company’s products, which are targeted primarily towards consumers purchasing moderately priced kitchenware, tableware and housewares, are sold through virtually every major level of trade. The company generally markets several lines within each of its product categories under more than one brand. The company sells its products directly to retailers (who may resell the company’s products through their websites) and, to a lesser extent, to distributors. The company also sells a limited selection of its products directly to consumers through its own websites. The company’s product categories include two categories of products used to prepare, serve and consume foods, Kitchenware (kitchen tools and gadgets, cutlery, kitchen scales, thermometers, cutting boards, shears, cookware, pantryware, spice racks and bakeware) and Tableware (dinnerware, stemware, flatware and giftware); and one category, Home Solutions, which comprises other products used in the home (thermal beverageware, bath scales, weather and outdoor household products, food storage, neoprene travel products and home decor). The company continually evaluates opportunities to expand the reach of its brands and to invest in other companies, both foreign and domestic, that own or license complementary brands. The company has a presence in international markets through subsidiaries and affiliate companies that are based outside of the United States. Lifetime Brands Europe Limited is a wholly-owned subsidiary doing business as Kitchen Craft. Kitchen Craft is a leading supplier of kitchenware and tableware products and accessories in the United Kingdom (U.K.) and in over 80 other countries. In 2020, the company completed its consolidation efforts of Lifetime Brands Europe Limited to create operational efficiencies. As a result, Lifetime Brands Europe Limited’s brand development and design teams, administrative teams, and distribution operate out of one state of the art facility in Aston, England. The company also has a subsidiary in the People’s Republic of China (China) to supply kitchenware and tableware products to the Chinese market and a subsidiary based in Hong Kong to facilitate the sale of its products to other parts of Asia and smaller markets elsewhere in the world. The company has a presence in Mexico and other parts of Latin America (excluding Brazil) through its 24.7% equity interest in Grupo Vasconia, S.A.B. (Vasconia), a housewares company and aluminum manufacturer based in Mexico, and a strategic alliance with a Canadian company to distribute many of the company’s products in Canada. Segments The company operates through two segments, the U.S. and International. The U.S. segment includes the domestic operations of the company’s business that design, market and distribute its products to retailers, distributors and directly to consumers through retail websites. The International segment consists of certain business operations conducted outside the U.S. Customers The company’s wholesale customers include mass market merchants, specialty stores, commercial stores, department stores, warehouse clubs, grocery stores, off-price retailers, food service distributors, pharmacies, food and beverage outlets and e-commerce. The company’s products are sold globally to a diverse customer base including mass market merchants (such as Walmart and Target), specialty stores (such as Bed Bath & Beyond and Dunelm), commercial stores (such as Williams Sonoma and Kohl’s), department stores (such as Macy’s, Belk and John Lewis), warehouse clubs (such as Costco, Sam’s Club and BJs), grocery stores (such as Publix, Kroger, HEB, Meijer, Winn-Dixie, Tesco, Waitrose and Sainsbury’s), off-price retailers (such as TJX Companies, Ross Stores and Big Lots), food service distributors (such as US Foods, Clark Food Service and Jetro), food and beverage outlets (such as Starbucks) and e-commerce (such as Amazon). The company also does business with independent retailers, including through business-to-business websites aimed at independent retailers. The company also operates its own consumer websites that provide information about its products and offer consumers the opportunity to purchase a limited selection of the company’s products directly. During the years ended December 31, 2022, Wal-Mart Stores, Inc., including Sam’s Club and, in the U.K., Asda Superstore, (Walmart), accounted for 19% of consolidated net sales. During the years ended December 31, 2022, sales to Costco Wholesale Corporation (Costco) accounted for 13% of consolidated net sales. During the year ended December 31, 2022, Amazon.com Inc. (Amazon) accounted for 11% of consolidated net sales. Sales to Walmart, Costco and Amazon are included in the company's U.S. and International segments. Distribution The company sells its products directly to retailers and, to a lesser extent, to distributors. The company also sells a limited quantity of its products to individual consumers and smaller retailers through its own websites. Sales and Marketing The company’s sales and marketing staff coordinates directly with its wholesale customers to devise marketing strategies and merchandising concepts and to furnish advice on advertising and product promotion. The company’s sales and marketing efforts are supported from its principal office and showroom in Garden City, New York, as well as showrooms in New York, New York; Medford, Massachusetts; Atlanta, Georgia; Bentonville, Arkansas; Issaquah, Washington; Pawtucket, Rhode Island; Menomonee Falls, Wisconsin; and Aston, England. Patents and Licenses The company owns approximately 1,140 design and utility patents. The company holds certain rights to use the Farberware brand for kitchen tools and gadgets, cutlery, cutting boards, shears and certain other products which together represent a material portion of its sales, through a fully-paid, royalty-free license for a term that expires in 2195, subject to earlier termination under certain circumstances. The company also holds a license to use the KitchenAid brand subject to a license agreement that will expire in December 2026. The company originally entered into a licensing arrangement for use of the KitchenAid brand in 2000, and has renewed the license, typically for three-to-four-year periods, since that time. Regulation As a manufacturer and distributor of consumer products, the company is subject to the Consumer Products Safety Act in the United States and the Consumer Protection Act in the U.K. The company’s spice filling operation and other certain scale products are regulated by the U.S. Food and Drug Administration. Seasonality The company’s business and working capital needs are seasonal with a majority of sales occurring in the third and fourth quarters (year ended December 2022). In 2022, net sales for the third and fourth quarters accounted for 54% of total annual net sales, respectively. In anticipation of the pre-holiday shipping season, inventory levels increase primarily in the June through October time period. History Lifetime Brands, Inc. was founded in 1945. The company, a Delaware corporation, was incorporated in 1983.