Herman Miller To Buy DWR

This amount, which will give the Zeeland, Michigan-based company an 85% ownership in Stamford, Connecticut-based DWR, seems paltry compared to the billions spent by the likes of Facebook and Google to acquire companies, but it is based on the store's 2013 earnings of $185 million. For comparison's sake, Herman Miller's annual revenue last year was approximately $1.8 billion. Per the announcement, DWR's Chief Executive Officer (John Edelman) and President (John McPhee) will together continue to lead the business within a new consumer business unit at Herman Miller and report to Brian Walker, CEO of Herman Miller.

The strategic nature of the partnership is obvious, given that DWR's 38 "Studios," as their stores are called, make it the largest retailer of modern furnishings in North America, and that DWR is the largest and fastest growing retailer of Herman Miller's furniture designs, which includes the licensed designs of Charles and Ray Eames. Herman Miller CEO Walker states to this effect: "The addition of DWR is a transformational step forward in realizing our strategy for diversified growth and establishing Herman Miller as a premier lifestyle brand, helping people create inspiring places where they work, live, heal and learn."