Card Factory enters the US market through a strategic acquisition.
- The UK retailer secures Minnesota-based Garven Holdings for £20m.
- This move supports Card Factory’s international growth ambitions.
- The acquisition provides access to the £70bn US celebration market.
- Existing Garven leadership will continue managing the operations.
In a significant move for its international expansion, Card Factory, a prominent UK-based retailer, has acquired Garven Holdings, a company located in Minnesota, for a sum of £20 million. This acquisition marks Card Factory’s initial venture into the United States, aligning with its broader strategy to enhance its presence in key global markets.
Garven Holdings operates under the brands Garven Design and Cadence Packaging, specialising in the design and distribution of gifts and celebration essentials. This acquisition offers Card Factory a tangible foothold in the US, a market valued at approximately £70 billion in the celebration sector. The integration is expected to facilitate ‘design and buying synergies,’ allowing Card Factory to introduce its product ranges to the US audience.
The current leadership of Garven Holdings, including Chief Operating Officer Anne Schulze and Chief Financial Officer Walter Jungbauer, will remain in their positions. This continuity in management is seen as a strategic advantage, ensuring stability and leveraging their expertise to further develop the business’s customer base and operations.
Card Factory’s Chief Executive Officer, Darcy Willson-Rymer, commented on the acquisition, emphasising it as a ‘strategic milestone.’ According to Willson-Rymer, the merger with Garven will aid in establishing a more substantial physical presence in the US market, benefiting from Garven’s reputation for quality and innovative design.
Alongside the acquisition, Card Factory reported its trading performance remains on course with expectations, noting a strong start to the Christmas period. This positive trend suggests the company is well-positioned to meet its annual targets, despite the peak trading season still pending.
Card Factory’s acquisition of Garven Holdings strategically positions the UK retailer for growth within the US celebration market.
