The Columbus-based retail holding company acquired an 80 percent stake in Corning Inc.’s Steuben Glass division July 23 for an undisclosed sum.
“I am excited and pleased to be able to ensure that Steuben, synonymous with quality, will become a member of the Schottenstein portfolio of world-class luxury brands,” Schottenstein Stores CEO Jay Schottenstein said in a release. “We are fully prepared to grow and expand the business and believe there is tremendous opportunity to extend the Steuben brand in key markets around the world.”
Steuben Glass, operating since 1903, makes glass art pieces as well as glassware, vases and bowls. It will remain based in Corning, N.Y., and will continue operating a New York City store.
James Flaws, Corning’s vice chairman and chief financial officer, praised the deal in the release.
“Not only do they understand and appreciate the value of the Steuben brand and its quality products, they are enthusiastic about adding Steuben to their family of luxury brands,” he said.
It’s the third luxury brand Schottenstein Stores has added to its Schottenstein Luxury Group in the last three months. The company took a majority stake in handbag and jewelry retailer Judith Leiber LLC in May and bought Italian fashion brand Shiro earlier this month.
Schottenstein Stores holds stakes in public companies American Eagle Outfitters Inc. (NYSE:AEO), Retail Ventures Inc. (NYSE:RVI) and DSW Inc. (NYSE:DSW) and in furniture merchants American Signature Inc. and Value City Furniture.
