Textile supplier Culp Inc., headquartered in High Point, North Carolina, plans to purchase eLuxury.com, an Evansville, Indiana-based e-commerce player whose foundational product line is mattress protectors and pads manufactured at its own domestic facility. The eLuxury site also sells a wide range of sheets, bed frames, mattresses and other bedroom and home items. The acquisition was announced June 13 and comes on the heels of Culp’s recent launch of the Culp Supply Co. brand, the company’s first foray into marketing mattress pads and protectors.
According to a Culp news release, the transaction is expected to close within 30 days. eLuxury’s products also are sold at Amazon and other online retailers. Terms of the deal were not disclosed.
“This acquisition will provide a new sales channel for Culp in the bedding accessory category and will expand our opportunity to participate in the rapidly growing e-commerce direct-to-consumer space,” said Iv Culp, president of Culp’s mattress fabric 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, sourcing and distribution capabilities. We also have an opportunity to market our new products for Comfort Supply, as well as other finished products that we may develop, including items made from upholstery fabrics, through this e-commerce platform. We are excited to work with Paul Saunders (eLuxury founder and chief executive officer), a successful entrepreneur, and we look forward to having his associates as partners with the Culp team.”
Saunders will maintain a minority interest in the company and remain in his role. He said: “This is a great opportunity for eLuxury to partner with a market leader, and we look forward to our relationship with Culp. 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.”
In an August 2016 story, “How the ‘Worst Idea Ever’ Became a $30 Million Business,” Inc. magazine described eLuxury as “the fourth fastest-growing company in America.” In 2009, Saunders started the business from his garage, selling sheets online. Sales topped $30 million in 2015. In 2014, eLuxury became a manufacturer when it purchased a large, established mattress pad manufacturing plant in Tennessee.
Culp markets a variety of fabrics to a global customer base of bedding and furniture companies. Its products include fabrics made at Culp’s manufacturing facilities and those sourced through other suppliers. The company has operations in the United States, as well as Canada, China and Haiti.