From Home Furnishing Business
Steinreich Communications Acquires Third Agency in a Year
New York-headquartered Kenwerks’ is a fashion PR and marketing firm with offices in New York and Los Angeles. The firms 10 employees will be retained and moved into Steinreichs’ New York and Los Angeles offices, bringing the parent agency’s total headcount to 65 globally.
Kenwerks founder and CEO Kenneth Loo will join Steinreich as SVP of its global fashion group. In the past, he has represented fashion brands including Australia Luxe Collective, Boohoo.com, Cult Denim, K-Swiss and Triton.
Stan Steinreich, President and CEO, explained the acquisition of Kenwerks will root his business further in the fashion space, adding it will also help it expand to New York, Los Angeles, London, Germany, and Tel Aviv. “We saw this acquisition as a great opportunity to acquire a leading brand in the category,” said Steinreich.
Steinreich said this acquisition will complement both its fashion and home-furnishings businesses, because of the increasing cross-fertilization between those two areas."Kenwerks also has a tremendous creative services unit, which does wonderful design work," added Steinreich. "And it has an entertainment group that does product placement, celebrity engagement, and so on."
While Steinreich did look at other agencies to acquire, the CEO said the expertise and corporate exposure Loo brings as an alum of Dolce & Gabbana and Ben Sherman were key factors. He said his firm would make two more acquisitions before the year is out to increase its geographic and industrial diversity, following its previous acquisition strategy.
In 2015, the firm reported 2015 revenues of almost $17.8 million in PRWeek's 2016 Agency Business Report.
"I see an opportunity to help these roughly $1 million agencies propel themselves to greater growth, but they need the right nurturing, partnerships, and investments," Steinreich added.
Steinreich moved its main headquarters from Fort Lee, New Jersey to Manhattan, New York City at the beginning of June and now represents more than 50 home furnishings brands.