Groupe SEB (Paris:SK) is pleased to announce that it has signed an agreement to take a majority stake in StoreBound, owner of the Dash brand of Kitchenware, which has emerged as the top choice among health-conscious consumers in America. The transaction is expected to be completed by July 31st, 2020.
Founded in 2010, StoreBound develops housewares focused on better living under brands including Dash, Sobro, Chef Geoffrey Zakarian and others, and distributes its products through top-tier US retailers off-line et on-line.
In just 8 years, StoreBound has built the largest organic social media following in the US industry, attracting notably over 1-million Instagram followers, earned billions of marketing impressions, and product distribution in North & South America, Europe and Asia.
The company has launched over 200 products through a strong omnichannel distribution model, combining offline retail, e-commerce and social media.
StoreBound’s sales have been increasing rapidly, amounting to over $100M in the past 12 months. Headquartered in New York City, the company employs around 50 people. StoreBound was recognized on the INC List of Fastest Growing Businesses for 4 consecutive years and in the Top 100 of the Entrepreneur 360 List in 2019.
Thierry de La Tour d’Artaise, CEO of Groupe SEB, stated: “With the investment in StoreBound, we will strengthen our presence in the American housewares market. With its strong and innovative business model and brands, StoreBound is very complementary to our consumer business in the US. The company has launched over 200 products and built the largest organic social media following in the US industry. We are pleased to welcome the StoreBound team and founders into the Groupe SEB family.”
Evan Dash, CEO and Founder of StoreBound, stated: “After our careers in retail, my wife, Rachel and I started StoreBound to inspire people to enjoy healthy home cooked meals shared around the table with loved ones. In less than 10 years, StoreBound has emerged as the market leader for health-conscious consumers in the US. We are proud to join Groupe SEB, a respected fellow industry player, combining iconic brands, manufacturing capabilities and global strength. We are looking forward to leveraging their innovation engine to accelerate our pace of new product introductions while strengthening our global operating capabilities.”