Hooker Furnishings Inks Global Licensing Deal with Margaritaville
Rhea-AI Summary
Hooker Furnishings has entered into a global licensing agreement with Margaritaville, the iconic lifestyle brand, to launch an extensive line of home furnishings. The partnership will include indoor and outdoor furnishings for residential, contract, and hospitality markets, spanning various price points and categories.
The agreement covers the Margaritaville brand, Latitude by Margaritaville, and Island Reserve by Margaritaville, aligning with Hooker Furnishings' versatile portfolio. With 75% of Americans familiar with Margaritaville, this partnership represents a significant opportunity for Hooker Furnishings to expand in the home furnishings market.
The complete indoor/outdoor collection is planned to launch in October 2025 at Hooker Furnishings' Showplace showroom in High Point, NC. The companies also plan to explore hospitality and commercial opportunities for Margaritaville's branded real estate properties and communities.
Positive
- Global licensing agreement with iconic lifestyle brand Margaritaville
- Expansion into new market segments: residential, contract, and hospitality
- Access to Margaritaville's strong brand recognition (75% of Americans familiar)
- Potential to reach younger demographic customers
- Opportunity to furnish Margaritaville's branded real estate properties
Negative
- None.
News Market Reaction
On the day this news was published, HOFT declined 1.13%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Partnership Includes Indoor & Outdoor Home Furnishings for the Residential, Hospitality, & Commercial Markets
MARTINSVILLE, Va., Oct. 07, 2024 (GLOBE NEWSWIRE) -- Hooker Furnishings has entered into a licensing agreement with Margaritaville, the iconic global lifestyle brand, to launch an extensive line of home furnishings that spans various price points and categories. The partnership will include a range of indoor and outdoor furnishings including case goods, upholstery, lighting, and accessories for the residential, contract, and hospitality markets. The agreement includes the flagship Margaritaville brand, as well as Latitude by Margaritaville and Island Reserve by Margaritaville, creating tiered product differentiation that aligns well with Hooker Furnishings’ versatile brand portfolio.
Margaritaville is renowned for its multi-faceted brand presence, with consumer touchpoints across hospitality, food and beverage, real estate, gaming, and retail. With
“This partnership is a game changer for us,” said Jeremy Hoff, CEO of Hooker Furnishings. “Margaritaville’s global appeal, particularly with a younger demographic, positions us to reach new customers with a premium lifestyle brand that complements where we are heading as an enterprise.”
”We’re thrilled to partner with Hooker Furnishings to bring our brand’s lifestyle into homes and our hospitality spaces across the globe,” said John Cohlan, CEO of Margaritaville. “The company’s versatile brand portfolio and keen eye for design, quality, and product innovation aligns perfectly with our vision, and together, we’ll offer our guests and consumers unique, beautifully made products that capture the true spirit of Margaritaville.”
The planned launch of the complete indoor/outdoor whole home collection will be in October 2025 at Hooker Furnishings’ Showplace showroom in High Point, NC. Additionally, plans to explore hospitality and commercial opportunities, providing furnishing options for Margaritaville’s branded real estate properties and communities are underway.
About Hooker Furnishings:
Headquartered in Martinsville, VA, Hooker Furnishings is ranked among the nation's largest publicly traded furniture sources and encompasses 12 operating businesses. These brands include: Hooker Furniture, Bradington-Young, HF Custom, Shenandoah Furniture, H Contract, M, BOBO Intriguing Objects, Pulaski Furniture, Samuel Lawrence Furniture, Prime Resource International, Samuel Lawrence Hospitality, and Sunset West. Hooker Furnishings Corporation's corporate offices and upholstery manufacturing facilities are located throughout Virginia, North Carolina and California, and the company has showrooms in High Point, North Carolina; Atlanta, Georgia; Las Vegas, Nevada; and Ho Chi Minh City, Vietnam. Hooker Furnishings operates distribution centers in the United States and Vietnam. The company's stock is listed on the Nasdaq Global Select Market under the symbol HOFT.
About Margaritaville:
Margaritaville, a state of mind since 1977, is a global lifestyle brand inspired by Jimmy Buffett, whose songs evoke a passion for tropical escape and relaxation.
Margaritaville features over 40 lodging locations and over 20 additional projects in the pipeline positioned across a variety of full-service and boutique hotel and resort brands, branded real estate, premium RV destinations, and gaming properties, all complemented by an extensive suite of food and beverage concepts, including Margaritaville Restaurant, award-winning JWB Prime Steak and Seafood, 5 o'Clock Somewhere Bar & Grill, and LandShark Bar & Grill. Hotel brands include Margaritaville Hotels & Resorts, Compass by Margaritaville, Margaritaville Beach House, Margaritaville St. Somewhere, and the all-inclusive product, Margaritaville Island Reserve. Further elevating experiences, Margaritaville's branded real estate includes Latitude Margaritaville, "55 and better" active adult brand; Margaritaville Cottages, Villas and Residences; One Particular Harbour by Margaritaville; and Margaritaville Vacation Club.
The newest brand additions to Margaritaville's properties includes the rapidly growing Camp Margaritaville and Margaritaville at Sea, which recently debuted a second ship, Margaritaville at Sea Islander. Additionally, consumers can escape every day through a collection of lifestyle products including apparel, footwear, frozen concoction makers, home décor, a SiriusXM radio station, a podcast, and more.
More than 20 million travelers and consumers every year change their latitude and attitude with Margaritaville. For more information, visit www.margaritaville.com and follow Margaritaville on Facebook, Twitter and Instagram.
Contact:
Kristin Hawkins
Senior Director of Public Relations
Hooker Furnishings
khawkins@hookerfurnishings.com
FAQ
What brands are included in the Hooker Furnishings and Margaritaville licensing agreement?
When will Hooker Furnishings (HOFT) launch the Margaritaville collection?
What types of products will be included in the Hooker Furnishings and Margaritaville partnership?
How does the Margaritaville partnership align with Hooker Furnishings' (HOFT) strategy?
