From Home Furnishing Business
Parent Company of Nectar Rebrands as Resident, Expands into Furniture Category
Parent company of mattress and rug brands that include Nectar, DreamCloud and Wovenly has rebranded as Resident, now expanding into the home furnishings space.
The new umbrella company is launching its first furniture line, Bundle by Resident, a collection of flexible seating, available now. This strategic shift to a house of brands comes on the heels of record-setting sales in 2018, in which Internet Retailer named Resident's Nectar the "Fastest-Growing Online Retailer in North America."
"After driving Nectar to unprecedented sales last year, our proven business model is poised to dominate within the broader home furnishings category," said Craig Schmeizer, co-founder. "Our approach is unique to the direct-to-consumer space because we offer multiple brands in any given category, like our four mattresses. This DTC "Brand-Building Model," which we will replicate across Resident, lets us cater to specific consumer needs better than our competitors."
With four mattresses, a rug brand and a new furniture line, Resident's overarching acceleration plan also includes the addition of new collections, as well as an increase of Nectar's footprint in brick and mortar stores. The company has also announced the expansion of retail partnerships to nearly 1,000 stores with outlets like: American Furniture Warehouse, Mathis Brothers and Nebraska Furniture Mart. Resident will also look to introduce its brands to the United Kingdom.
"Our core belief is that consumers are the channel, and wherever they are, is where we want to be," said Eric Hutchinson, co-founder. "That's why we leverage data and deep analytics to cater to their precise needs, whether they are urban dwellers, rural homeowners or anyone in between. Understanding this important dynamic allows us to expand our solutions for customers in various facets of their lives."
Bundle provides flexible seating designed to bring people together. Offerings include affordable, premium seating options, from a custom sofa, starting at $1195 to portable beanbag, starting at $600.
"The mattress is the gateway into the home, but we don't want our business to begin and end in the bedroom," said Ran Reske, co-founder. "Bundle will offer a quick and easy way for our customers to shop by offering a unique and modern range of choices that combine durability, comfort and practicality."