HIGH POINT, N.C. – Mattress and upholstery fabric major Culp has completed its previously announced majority ownership investment in eLuxury, an Internet company offering bedding accessories and home goods direct to consumers.
Based in Evansville, Ind., eLuxury’s products include a line of mattress pads manufactured at the Evansville location as well as handmade platform beds, cotton bed sheets and other bedding items. eLuxury’s revenue is on a current annual run rate of $22 million for 2018, excluding related seller businesses that are not part of this transaction. Their products are available on eLuxury’s own branded website, eLuxury.com, Amazon and other leading online retailers for specialty home goods.
“This strategic investment substantially expands our addressable market, provides an important new sales channel for Culp in the bedding accessories category, and expands our ability to participate in the rapidly growing e-commerce direct-to-consumer space,” said Iv Culp, president of Culp’s mattress fabrics division. “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. We also have an opportunity to market our new line of bedding accessories, ‘Comfort Supply Company by Culp,’ as well as other home products that we may develop, including items made from our upholstery fabrics, through this e-commerce platform.”
Paul Saunders, eLuxury’s founder and CEO, will maintain a minority interest in the company and remain in his role.
Saunders stated, “This is a great opportunity for eLuxury to partner with a market leader, and we look forward to our relationship with Culp,” Saunders said. “Our companies share similar values and a common business culture centered around product excellence and exceptional customer service. We are excited about the significant opportunities to leverage our combined expertise and expand our product offering into new markets.”
Culp Inc. is one of the world’s largest marketers of mattress fabrics for bedding and upholstery fabrics for residential and commercial furniture. Culp has operations located in the United States, Canada, China and Haiti.