MILAN — Havenly Brands, the Denver-based interior design platform founded in 2014, told WWD Tuesday that it has purchased New York City-based furniture firm Burrow, its fifth acquisition in two years.
While declining to reveal exact numbers or the value of the deal, Havenly said Burrow’s annualized revenues were in the nine figures. Lee Mayer started Havenly at just 30 years old when she wanted to spruce up her own home — but on a budget. The former private equity veteran has since helped democratize interior design for a digital generation and has recently made strategic acquisitions to create a one-stop destination for home design and furniture. Among them are home furnishings companies Interior Define, and The Inside and home decor brands St. Frank and The Citizenry.
Burrow has more than 40 patents for its innovative designs for its simple furniture systems, which require easy assembly. Since its inception, Burrow has been named one of the 10 most innovative retail brands in the world by Fast Company, and one of the 50 best inventions of the year by Time.
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“We have admired the Burrow team and their innovations in product and supply chain for years. We are excited to bring that expertise into our brand family,” Mayer told WWD, adding that Burrow fills a gap in its portfolio and satisfies the needs of consumers who value speed, aesthetics and practicality in their home decor choices.
In an interview in February, Mayer, a Harvard Business School graduate, pointed out that there’s a generational shift underway in the home industry, as Millennials dominate home mortgage origination. Havenly said at the time that it expected Millennials to dominate the home shopping category for the next 10 to 15 years.
Burrow, which has retail stores in New York, Boston, Chicago and Los Angeles, has an adaptable business model that affords customers the opportunity to peruse the entire catalogue and set up virtual or in-person appointments.
“We have admired Havenly for years and are thrilled to finally join forces,” said Stephen Kuhl, cofounder of Burrow, adding he was attracted by Havenly’s strong business model and levers for growth. “Lee and I have talked about teaming up since 2019. Havenly’s in-house interior design service and successful retail playbook will help accelerate our growth and provide innovative furniture solutions for even more homes.”
