Bassett Outlines Outdoor Strategy

BASSETT, Va., July 17, 2020 (GLOBE NEWSWIRE) -- Over the past 30 months, Bassett Furniture Industries, Inc. (NASDAQ-BSET) has made a significant commitment to the vibrant outdoor furniture category.  With annual growth rates expected to be 4% to 5% compounded annually through 2023, the outdoor furniture market is estimated to be $5 billion in the United States.   “Beginning with the acquisition of Lane Venture in December 2017, we have invested in manufacturing infrastructure and industry talent to generate sales growth through this growing channel that is designed to capitalize on the migration of the U.S. population to the Sunbelt and the increasing casualization of today’s residential lifestyles and architecture,” said Rob Spilman, Chairman and CEO.  “Our platform of efficient domestic manufacturing and adjacent warehousing enables us to provide fast service on our extensive inventory of synthetic wicker, teak, and aluminum outdoor furniture collections.”

The Company has chosen to maximize its investment in the category by approaching the marketplace through three distinct marketing efforts:

Lane Venture Brand
The Lane Venture (LV) brand has a rich history in the outdoor segment dating back to its inception in 1972.  Acquired by Bassett in December 2017, Lane Venture has been operationally re-invented through a return to domestic upholstery production that has dramatically improved lead times.  Long known for its superb assortment of correlating fabrics and outstanding seating comfort, LV now dependably delivers its products at a level that is commensurate with the quality of its furniture.  LV was the first Bassett division to begin rebounding from the COVID pandemic, in part because of its ability to service dealers during the crucial spring selling season.  Supporting the manufacturing model is a 175,000 square foot warehouse in Newton, NC providing ample storage for frame stock and multiple dock doors for shipping and receiving.

In 2019, LV expanded its offerings by adding fully upholstered outdoor product and has enjoyed strong consumer sell through, particularly from the interior design trade.  To market this new capability and to support the brand re-invention strategy, LV launched a new website in July 2019 which has doubled the incoming consumer traffic to the site as compared to last year.