In a massive deal that will further cement the status of Scandinavian home design in the U.S., modern design brand and furniture manufacturer Knoll has agreed to buy Muuto, the Copenhagen-based furniture and home accessories company, for $300 million.
Founded in New York City by Hans Knoll in 1938, the public company seeks to advance its global reach with the acquisition, which is expected to close in January 2018.
Muuto, which was founded by Kristian Byrge and Peter Bonnen and commissions designers from all over the world, has emerged as a popular purveyor of affordable luxury home furnishings, lighting, and other decor objects for the home since it launched in 2006.
As reported by Nasdaq, Andrew Cogan, Knoll President and CEO, said: “We have been tracking their explosive emergence on the workplace and residential scene in both Europe and North America for some time now.”
The acquisition would expand Knoll’s range of price points and increase its international sales from 15 to 20 percent, with Knoll aiming to double Muuto’s business in three to five years. Muuto will retain its headquarters in Copenhagen and continue to operate its own brand identity.