This week in design, Buckingham Palace unveiled its east wing to the public for the first time in its 175-year history after a multiyear interior renovation. Stay in the know with our weekly roundup of headlines, launches, events, recommended reading and more.
Business News
Following several quarters of straight losses, Bassett Furniture announced a restructuring plan last week that includes the closure of midpriced Canadian e-commerce furniture retailer Noa Home, Furniture Today reports. CEO Robert Spilman broke the news on Bassett’s second-quarter earnings call, during which the company reported a 17 percent drop in consolidated sales from the same quarter last year, as well as an $8.5 million operating loss—the company’s fourth consecutive decline. Spilman went on to state that Noa has failed to generate sales growth since its 2022 acquisition and will be winding down by the end of the fiscal year. He did not specify how many workers would be affected. Other cost-cutting measures include dropping unproductive lines to optimize inventory and consolidating the company’s two U.S.-based wood manufacturing locations into one.
Dorel Home is laying off roughly 154 employees at its facility in Tiffin, Ohio, according to a WARN Act notice filed to the Ohio Department of Job and Family Services last week, Home News Now reports. In the filing, the company’s home furnishings division president Raymond Toal stated that its parent company, Dorel, was “forced to make some hard financial decisions to survive this economy.” Going forward, the brand’s production operations will move to other company facilities, with the Tiffin location transitioning solely to a distribution and warehouse location.
The original founders of LumiSource, a supplier of casual dining furniture and lighting, completed a transaction earlier this month to acquire majority ownership of the company from private equity firm CID Capital, Furniture Today reports. Founded in 1997 by current president Steve Lee, LumiSource was later acquired by CID Capital in 2022, and shortly after merged with home decor supplier Grandview Gallery. Under its original ownership once again, the company plans to expand its product portfolio and add new sales channels through acquisitions and mergers.
In an effort to combat the rising tide of sellers offering mass-produced items, Etsy has announced a major overhaul of its policies, with the goal of returning to its artisan-only roots. As CNBC reports, each product on the platform must now meet at least one of four criteria: made by a seller, designed by a seller, handpicked by a seller or sourced by a seller. The changes come amid a period of slowing sales for Etsy in the years following the pandemic boom, with the value of the company’s stock down more than 80 percent from its late 2021 peak. By tightening up its rules, the platform aims to differentiate itself from competitors like Amazon, Temu and Shein, which have cornered the e-commerce market with their own cheaply produced, quickly shipped merchandise.
In hopes of keeping home insurers from fleeing their regions as extreme weather drives up costs, state regulators are allowing for larger rate increases and loosening consumer protections. As The Wall Street Journal reports, regulators in 10 states—including Arizona, California, Colorado, Illinois and Texas—have all approved double-digit rate hikes since the start of 2023. According to consumer advocates, some insurers are “bullying” states into meeting their concessions, knowing that a mass pullback (as with State Farm and Allstate in California) could make it difficult to find coverage. Meanwhile, costs continue to climb for home insurers, who accrued a $16 billion underwriting loss last year—the largest amount since at least 2000.
Launches and Collaborations
Rocco—the appliance maker behind the Super Smart Fridge—partnered with Wölffer Estate for a collaboration honoring the 10th anniversary of the Long Island vineyard’s Summer in a Bottle wine series. In a nod to Wölffer’s signature offering, Rocco has debuted the Super Smart Fridge in a new rosé-inspired pink colorway, with each purchase including six bottles of the Summer in a Bottle rosé.
Jonathan Adler teamed up with wall decor provider TilePix for a collection inspired by his playful and modern design style. The collaboration features wall tiles that depict motifs like geometric patterns, leopards, snakes and lips in a gallery setting when put together using TilePix’s hanging system.
Recommended Reading
Last year, 28-year-old UCLA medical student Colin Wang found himself in a housing bind, faced with a mold infestation in his rental and a dearth of affordable alternatives in his area. Luckily, he soon stumbled upon a great deal: moving in with Caroline Li, his girlfriend of just eight months. For The New York Times, Melissa Rohman dives into the market forces that are driving a growing number of young couples to cohabitate earlier than expected. As one recent survey found, 80 percent of Gen Z respondents who have moved in with a partner cited finances or logistics as factors that influenced their decision.
If you’ve ever dreamed of trading places with someone far from home, you’re not alone—home-swapping platforms like Home Exchange and People Like Us have reported a surge in users over the past few months, as travelers seek out affordable getaways with a homier feel. For The Wall Street Journal, Allison Pohle chats with experienced home swappers about getting the most out of your home exchange—and making your own space worth the trade.
For some, board-game night is a rainy-day activity. For others, it’s a way of life. For The New York Times, Julia Carmel checks in with the devoted players who are willing to spend thousands on luxury furnishings like game tables and storage shelves—and with the furniture makers who are catering to consumers in this growing niche.
Cue the Applause
The Isamu Noguchi Foundation and Garden Museum has announced the recipients of the 11th annual Isamu Noguchi Award, honoring individuals who exemplify the artist and architect’s spirit of creativity and innovation. This year, the organization recognized Pulitzer Prize–winning novelist, translator and short story writer Jhumpa Lahiri and artist, philosopher, writer and poet Lee Ufan. The awards will be presented at The Noguchi Museum’s fall benefit on October 29 in Long Island City, New York.
