Craftmaster Furniture has been able to grow its sales and market share while other furniture manufacturers struggle during the economic downturn. The company imports fabric and some parts from its parent company in China, allowing it to offer lower prices than competitors. It has hired workers from factories that have closed and taken on new customers from manufacturers that have gone out of business. By responding quickly and reliably to retailers, Craftmaster has positioned itself to benefit as the furniture industry consolidates.
2024 State of Marketing Report – by HubspotMarius Sescu
https://www.hubspot.com/state-of-marketing
· Scaling relationships and proving ROI
· Social media is the place for search, sales, and service
· Authentic influencer partnerships fuel brand growth
· The strongest connections happen via call, click, chat, and camera.
· Time saved with AI leads to more creative work
· Seeking: A single source of truth
· TLDR; Get on social, try AI, and align your systems.
· More human marketing, powered by robots
ChatGPT is a revolutionary addition to the world since its introduction in 2022. A big shift in the sector of information gathering and processing happened because of this chatbot. What is the story of ChatGPT? How is the bot responding to prompts and generating contents? Swipe through these slides prepared by Expeed Software, a web development company regarding the development and technical intricacies of ChatGPT!
Product Design Trends in 2024 | Teenage EngineeringsPixeldarts
The realm of product design is a constantly changing environment where technology and style intersect. Every year introduces fresh challenges and exciting trends that mold the future of this captivating art form. In this piece, we delve into the significant trends set to influence the look and functionality of product design in the year 2024.
How Race, Age and Gender Shape Attitudes Towards Mental HealthThinkNow
Mental health has been in the news quite a bit lately. Dozens of U.S. states are currently suing Meta for contributing to the youth mental health crisis by inserting addictive features into their products, while the U.S. Surgeon General is touring the nation to bring awareness to the growing epidemic of loneliness and isolation. The country has endured periods of low national morale, such as in the 1970s when high inflation and the energy crisis worsened public sentiment following the Vietnam War. The current mood, however, feels different. Gallup recently reported that national mental health is at an all-time low, with few bright spots to lift spirits.
To better understand how Americans are feeling and their attitudes towards mental health in general, ThinkNow conducted a nationally representative quantitative survey of 1,500 respondents and found some interesting differences among ethnic, age and gender groups.
Technology
For example, 52% agree that technology and social media have a negative impact on mental health, but when broken out by race, 61% of Whites felt technology had a negative effect, and only 48% of Hispanics thought it did.
While technology has helped us keep in touch with friends and family in faraway places, it appears to have degraded our ability to connect in person. Staying connected online is a double-edged sword since the same news feed that brings us pictures of the grandkids and fluffy kittens also feeds us news about the wars in Israel and Ukraine, the dysfunction in Washington, the latest mass shooting and the climate crisis.
Hispanics may have a built-in defense against the isolation technology breeds, owing to their large, multigenerational households, strong social support systems, and tendency to use social media to stay connected with relatives abroad.
Age and Gender
When asked how individuals rate their mental health, men rate it higher than women by 11 percentage points, and Baby Boomers rank it highest at 83%, saying it’s good or excellent vs. 57% of Gen Z saying the same.
Gen Z spends the most amount of time on social media, so the notion that social media negatively affects mental health appears to be correlated. Unfortunately, Gen Z is also the generation that’s least comfortable discussing mental health concerns with healthcare professionals. Only 40% of them state they’re comfortable discussing their issues with a professional compared to 60% of Millennials and 65% of Boomers.
Race Affects Attitudes
As seen in previous research conducted by ThinkNow, Asian Americans lag other groups when it comes to awareness of mental health issues. Twenty-four percent of Asian Americans believe that having a mental health issue is a sign of weakness compared to the 16% average for all groups. Asians are also considerably less likely to be aware of mental health services in their communities (42% vs. 55%) and most likely to seek out information on social media (51% vs. 35%).
AI Trends in Creative Operations 2024 by Artwork Flow.pdfmarketingartwork
This article is all about what AI trends will emerge in the field of creative operations in 2024. All the marketers and brand builders should be aware of these trends for their further use and save themselves some time!
2024 State of Marketing Report – by HubspotMarius Sescu
https://www.hubspot.com/state-of-marketing
· Scaling relationships and proving ROI
· Social media is the place for search, sales, and service
· Authentic influencer partnerships fuel brand growth
· The strongest connections happen via call, click, chat, and camera.
· Time saved with AI leads to more creative work
· Seeking: A single source of truth
· TLDR; Get on social, try AI, and align your systems.
· More human marketing, powered by robots
ChatGPT is a revolutionary addition to the world since its introduction in 2022. A big shift in the sector of information gathering and processing happened because of this chatbot. What is the story of ChatGPT? How is the bot responding to prompts and generating contents? Swipe through these slides prepared by Expeed Software, a web development company regarding the development and technical intricacies of ChatGPT!
Product Design Trends in 2024 | Teenage EngineeringsPixeldarts
The realm of product design is a constantly changing environment where technology and style intersect. Every year introduces fresh challenges and exciting trends that mold the future of this captivating art form. In this piece, we delve into the significant trends set to influence the look and functionality of product design in the year 2024.
How Race, Age and Gender Shape Attitudes Towards Mental HealthThinkNow
Mental health has been in the news quite a bit lately. Dozens of U.S. states are currently suing Meta for contributing to the youth mental health crisis by inserting addictive features into their products, while the U.S. Surgeon General is touring the nation to bring awareness to the growing epidemic of loneliness and isolation. The country has endured periods of low national morale, such as in the 1970s when high inflation and the energy crisis worsened public sentiment following the Vietnam War. The current mood, however, feels different. Gallup recently reported that national mental health is at an all-time low, with few bright spots to lift spirits.
To better understand how Americans are feeling and their attitudes towards mental health in general, ThinkNow conducted a nationally representative quantitative survey of 1,500 respondents and found some interesting differences among ethnic, age and gender groups.
Technology
For example, 52% agree that technology and social media have a negative impact on mental health, but when broken out by race, 61% of Whites felt technology had a negative effect, and only 48% of Hispanics thought it did.
While technology has helped us keep in touch with friends and family in faraway places, it appears to have degraded our ability to connect in person. Staying connected online is a double-edged sword since the same news feed that brings us pictures of the grandkids and fluffy kittens also feeds us news about the wars in Israel and Ukraine, the dysfunction in Washington, the latest mass shooting and the climate crisis.
Hispanics may have a built-in defense against the isolation technology breeds, owing to their large, multigenerational households, strong social support systems, and tendency to use social media to stay connected with relatives abroad.
Age and Gender
When asked how individuals rate their mental health, men rate it higher than women by 11 percentage points, and Baby Boomers rank it highest at 83%, saying it’s good or excellent vs. 57% of Gen Z saying the same.
Gen Z spends the most amount of time on social media, so the notion that social media negatively affects mental health appears to be correlated. Unfortunately, Gen Z is also the generation that’s least comfortable discussing mental health concerns with healthcare professionals. Only 40% of them state they’re comfortable discussing their issues with a professional compared to 60% of Millennials and 65% of Boomers.
Race Affects Attitudes
As seen in previous research conducted by ThinkNow, Asian Americans lag other groups when it comes to awareness of mental health issues. Twenty-four percent of Asian Americans believe that having a mental health issue is a sign of weakness compared to the 16% average for all groups. Asians are also considerably less likely to be aware of mental health services in their communities (42% vs. 55%) and most likely to seek out information on social media (51% vs. 35%).
AI Trends in Creative Operations 2024 by Artwork Flow.pdfmarketingartwork
This article is all about what AI trends will emerge in the field of creative operations in 2024. All the marketers and brand builders should be aware of these trends for their further use and save themselves some time!
A report by thenetworkone and Kurio.
The contributing experts and agencies are (in an alphabetical order): Sylwia Rytel, Social Media Supervisor, 180heartbeats + JUNG v MATT (PL), Sharlene Jenner, Vice President - Director of Engagement Strategy, Abelson Taylor (USA), Alex Casanovas, Digital Director, Atrevia (ES), Dora Beilin, Senior Social Strategist, Barrett Hoffher (USA), Min Seo, Campaign Director, Brand New Agency (KR), Deshé M. Gully, Associate Strategist, Day One Agency (USA), Francesca Trevisan, Strategist, Different (IT), Trevor Crossman, CX and Digital Transformation Director; Olivia Hussey, Strategic Planner; Simi Srinarula, Social Media Manager, The Hallway (AUS), James Hebbert, Managing Director, Hylink (CN / UK), Mundy Álvarez, Planning Director; Pedro Rojas, Social Media Manager; Pancho González, CCO, Inbrax (CH), Oana Oprea, Head of Digital Planning, Jam Session Agency (RO), Amy Bottrill, Social Account Director, Launch (UK), Gaby Arriaga, Founder, Leonardo1452 (MX), Shantesh S Row, Creative Director, Liwa (UAE), Rajesh Mehta, Chief Strategy Officer; Dhruv Gaur, Digital Planning Lead; Leonie Mergulhao, Account Supervisor - Social Media & PR, Medulla (IN), Aurelija Plioplytė, Head of Digital & Social, Not Perfect (LI), Daiana Khaidargaliyeva, Account Manager, Osaka Labs (UK / USA), Stefanie Söhnchen, Vice President Digital, PIABO Communications (DE), Elisabeth Winiartati, Managing Consultant, Head of Global Integrated Communications; Lydia Aprina, Account Manager, Integrated Marketing and Communications; Nita Prabowo, Account Manager, Integrated Marketing and Communications; Okhi, Web Developer, PNTR Group (ID), Kei Obusan, Insights Director; Daffi Ranandi, Insights Manager, Radarr (SG), Gautam Reghunath, Co-founder & CEO, Talented (IN), Donagh Humphreys, Head of Social and Digital Innovation, THINKHOUSE (IRE), Sarah Yim, Strategy Director, Zulu Alpha Kilo (CA).
Trends In Paid Search: Navigating The Digital Landscape In 2024Search Engine Journal
The search marketing landscape is evolving rapidly with new technologies, and professionals, like you, rely on innovative paid search strategies to meet changing demands.
It’s important that you’re ready to implement new strategies in 2024.
Check this out and learn the top trends in paid search advertising that are expected to gain traction, so you can drive higher ROI more efficiently in 2024.
You’ll learn:
- The latest trends in AI and automation, and what this means for an evolving paid search ecosystem.
- New developments in privacy and data regulation.
- Emerging ad formats that are expected to make an impact next year.
Watch Sreekant Lanka from iQuanti and Irina Klein from OneMain Financial as they dive into the future of paid search and explore the trends, strategies, and technologies that will shape the search marketing landscape.
If you’re looking to assess your paid search strategy and design an industry-aligned plan for 2024, then this webinar is for you.
5 Public speaking tips from TED - Visualized summarySpeakerHub
From their humble beginnings in 1984, TED has grown into the world’s most powerful amplifier for speakers and thought-leaders to share their ideas. They have over 2,400 filmed talks (not including the 30,000+ TEDx videos) freely available online, and have hosted over 17,500 events around the world.
With over one billion views in a year, it’s no wonder that so many speakers are looking to TED for ideas on how to share their message more effectively.
The article “5 Public-Speaking Tips TED Gives Its Speakers”, by Carmine Gallo for Forbes, gives speakers five practical ways to connect with their audience, and effectively share their ideas on stage.
Whether you are gearing up to get on a TED stage yourself, or just want to master the skills that so many of their speakers possess, these tips and quotes from Chris Anderson, the TED Talks Curator, will encourage you to make the most impactful impression on your audience.
See the full article and more summaries like this on SpeakerHub here: https://speakerhub.com/blog/5-presentation-tips-ted-gives-its-speakers
See the original article on Forbes here:
http://www.forbes.com/forbes/welcome/?toURL=http://www.forbes.com/sites/carminegallo/2016/05/06/5-public-speaking-tips-ted-gives-its-speakers/&refURL=&referrer=#5c07a8221d9b
ChatGPT and the Future of Work - Clark Boyd Clark Boyd
Everyone is in agreement that ChatGPT (and other generative AI tools) will shape the future of work. Yet there is little consensus on exactly how, when, and to what extent this technology will change our world.
Businesses that extract maximum value from ChatGPT will use it as a collaborative tool for everything from brainstorming to technical maintenance.
For individuals, now is the time to pinpoint the skills the future professional will need to thrive in the AI age.
Check out this presentation to understand what ChatGPT is, how it will shape the future of work, and how you can prepare to take advantage.
A brief introduction to DataScience with explaining of the concepts, algorithms, machine learning, supervised and unsupervised learning, clustering, statistics, data preprocessing, real-world applications etc.
It's part of a Data Science Corner Campaign where I will be discussing the fundamentals of DataScience, AIML, Statistics etc.
Time Management & Productivity - Best PracticesVit Horky
Here's my presentation on by proven best practices how to manage your work time effectively and how to improve your productivity. It includes practical tips and how to use tools such as Slack, Google Apps, Hubspot, Google Calendar, Gmail and others.
The six step guide to practical project managementMindGenius
The six step guide to practical project management
If you think managing projects is too difficult, think again.
We’ve stripped back project management processes to the
basics – to make it quicker and easier, without sacrificing
the vital ingredients for success.
“If you’re looking for some real-world guidance, then The Six Step Guide to Practical Project Management will help.”
Dr Andrew Makar, Tactical Project Management
Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...Applitools
During this webinar, Anand Bagmar demonstrates how AI tools such as ChatGPT can be applied to various stages of the software development life cycle (SDLC) using an eCommerce application case study. Find the on-demand recording and more info at https://applitools.info/b59
Key takeaways:
• Learn how to use ChatGPT to add AI power to your testing and test automation
• Understand the limitations of the technology and where human expertise is crucial
• Gain insight into different AI-based tools
• Adopt AI-based tools to stay relevant and optimize work for developers and testers
* ChatGPT and OpenAI belong to OpenAI, L.L.C.
More than Just Lines on a Map: Best Practices for U.S Bike Routes
This session highlights best practices and lessons learned for U.S. Bike Route System designation, as well as how and why these routes should be integrated into bicycle planning at the local and regional level.
Presenters:
Presenter: Kevin Luecke Toole Design Group
Co-Presenter: Virginia Sullivan Adventure Cycling Association
Ride the Storm: Navigating Through Unstable Periods / Katerina Rudko (Belka G...DevGAMM Conference
Has your project been caught in a storm of deadlines, clashing requirements, and the need to change course halfway through? If yes, then check out how the administration team navigated through all of this, relocating 160 people from 3 countries and opening 2 offices during the most turbulent time in the last 20 years. Belka Games’ Chief Administrative Officer, Katerina Rudko, will share universal approaches and life hacks that can help your project survive unstable periods when there seem to be too many tasks and a lack of time and people.
This presentation was designed to provide strategic recommendations for a brand in decline. The deck also incorporates a situational assessment, including a brand identity, positioning, architecture, and portfolio strategy for the Brand.
Presentation originally created for NYU Stern's Brand Strategy course. Design by Erica Santiago & Chris Alexander.
A report by thenetworkone and Kurio.
The contributing experts and agencies are (in an alphabetical order): Sylwia Rytel, Social Media Supervisor, 180heartbeats + JUNG v MATT (PL), Sharlene Jenner, Vice President - Director of Engagement Strategy, Abelson Taylor (USA), Alex Casanovas, Digital Director, Atrevia (ES), Dora Beilin, Senior Social Strategist, Barrett Hoffher (USA), Min Seo, Campaign Director, Brand New Agency (KR), Deshé M. Gully, Associate Strategist, Day One Agency (USA), Francesca Trevisan, Strategist, Different (IT), Trevor Crossman, CX and Digital Transformation Director; Olivia Hussey, Strategic Planner; Simi Srinarula, Social Media Manager, The Hallway (AUS), James Hebbert, Managing Director, Hylink (CN / UK), Mundy Álvarez, Planning Director; Pedro Rojas, Social Media Manager; Pancho González, CCO, Inbrax (CH), Oana Oprea, Head of Digital Planning, Jam Session Agency (RO), Amy Bottrill, Social Account Director, Launch (UK), Gaby Arriaga, Founder, Leonardo1452 (MX), Shantesh S Row, Creative Director, Liwa (UAE), Rajesh Mehta, Chief Strategy Officer; Dhruv Gaur, Digital Planning Lead; Leonie Mergulhao, Account Supervisor - Social Media & PR, Medulla (IN), Aurelija Plioplytė, Head of Digital & Social, Not Perfect (LI), Daiana Khaidargaliyeva, Account Manager, Osaka Labs (UK / USA), Stefanie Söhnchen, Vice President Digital, PIABO Communications (DE), Elisabeth Winiartati, Managing Consultant, Head of Global Integrated Communications; Lydia Aprina, Account Manager, Integrated Marketing and Communications; Nita Prabowo, Account Manager, Integrated Marketing and Communications; Okhi, Web Developer, PNTR Group (ID), Kei Obusan, Insights Director; Daffi Ranandi, Insights Manager, Radarr (SG), Gautam Reghunath, Co-founder & CEO, Talented (IN), Donagh Humphreys, Head of Social and Digital Innovation, THINKHOUSE (IRE), Sarah Yim, Strategy Director, Zulu Alpha Kilo (CA).
Trends In Paid Search: Navigating The Digital Landscape In 2024Search Engine Journal
The search marketing landscape is evolving rapidly with new technologies, and professionals, like you, rely on innovative paid search strategies to meet changing demands.
It’s important that you’re ready to implement new strategies in 2024.
Check this out and learn the top trends in paid search advertising that are expected to gain traction, so you can drive higher ROI more efficiently in 2024.
You’ll learn:
- The latest trends in AI and automation, and what this means for an evolving paid search ecosystem.
- New developments in privacy and data regulation.
- Emerging ad formats that are expected to make an impact next year.
Watch Sreekant Lanka from iQuanti and Irina Klein from OneMain Financial as they dive into the future of paid search and explore the trends, strategies, and technologies that will shape the search marketing landscape.
If you’re looking to assess your paid search strategy and design an industry-aligned plan for 2024, then this webinar is for you.
5 Public speaking tips from TED - Visualized summarySpeakerHub
From their humble beginnings in 1984, TED has grown into the world’s most powerful amplifier for speakers and thought-leaders to share their ideas. They have over 2,400 filmed talks (not including the 30,000+ TEDx videos) freely available online, and have hosted over 17,500 events around the world.
With over one billion views in a year, it’s no wonder that so many speakers are looking to TED for ideas on how to share their message more effectively.
The article “5 Public-Speaking Tips TED Gives Its Speakers”, by Carmine Gallo for Forbes, gives speakers five practical ways to connect with their audience, and effectively share their ideas on stage.
Whether you are gearing up to get on a TED stage yourself, or just want to master the skills that so many of their speakers possess, these tips and quotes from Chris Anderson, the TED Talks Curator, will encourage you to make the most impactful impression on your audience.
See the full article and more summaries like this on SpeakerHub here: https://speakerhub.com/blog/5-presentation-tips-ted-gives-its-speakers
See the original article on Forbes here:
http://www.forbes.com/forbes/welcome/?toURL=http://www.forbes.com/sites/carminegallo/2016/05/06/5-public-speaking-tips-ted-gives-its-speakers/&refURL=&referrer=#5c07a8221d9b
ChatGPT and the Future of Work - Clark Boyd Clark Boyd
Everyone is in agreement that ChatGPT (and other generative AI tools) will shape the future of work. Yet there is little consensus on exactly how, when, and to what extent this technology will change our world.
Businesses that extract maximum value from ChatGPT will use it as a collaborative tool for everything from brainstorming to technical maintenance.
For individuals, now is the time to pinpoint the skills the future professional will need to thrive in the AI age.
Check out this presentation to understand what ChatGPT is, how it will shape the future of work, and how you can prepare to take advantage.
A brief introduction to DataScience with explaining of the concepts, algorithms, machine learning, supervised and unsupervised learning, clustering, statistics, data preprocessing, real-world applications etc.
It's part of a Data Science Corner Campaign where I will be discussing the fundamentals of DataScience, AIML, Statistics etc.
Time Management & Productivity - Best PracticesVit Horky
Here's my presentation on by proven best practices how to manage your work time effectively and how to improve your productivity. It includes practical tips and how to use tools such as Slack, Google Apps, Hubspot, Google Calendar, Gmail and others.
The six step guide to practical project managementMindGenius
The six step guide to practical project management
If you think managing projects is too difficult, think again.
We’ve stripped back project management processes to the
basics – to make it quicker and easier, without sacrificing
the vital ingredients for success.
“If you’re looking for some real-world guidance, then The Six Step Guide to Practical Project Management will help.”
Dr Andrew Makar, Tactical Project Management
Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...Applitools
During this webinar, Anand Bagmar demonstrates how AI tools such as ChatGPT can be applied to various stages of the software development life cycle (SDLC) using an eCommerce application case study. Find the on-demand recording and more info at https://applitools.info/b59
Key takeaways:
• Learn how to use ChatGPT to add AI power to your testing and test automation
• Understand the limitations of the technology and where human expertise is crucial
• Gain insight into different AI-based tools
• Adopt AI-based tools to stay relevant and optimize work for developers and testers
* ChatGPT and OpenAI belong to OpenAI, L.L.C.
More than Just Lines on a Map: Best Practices for U.S Bike Routes
This session highlights best practices and lessons learned for U.S. Bike Route System designation, as well as how and why these routes should be integrated into bicycle planning at the local and regional level.
Presenters:
Presenter: Kevin Luecke Toole Design Group
Co-Presenter: Virginia Sullivan Adventure Cycling Association
Ride the Storm: Navigating Through Unstable Periods / Katerina Rudko (Belka G...DevGAMM Conference
Has your project been caught in a storm of deadlines, clashing requirements, and the need to change course halfway through? If yes, then check out how the administration team navigated through all of this, relocating 160 people from 3 countries and opening 2 offices during the most turbulent time in the last 20 years. Belka Games’ Chief Administrative Officer, Katerina Rudko, will share universal approaches and life hacks that can help your project survive unstable periods when there seem to be too many tasks and a lack of time and people.
This presentation was designed to provide strategic recommendations for a brand in decline. The deck also incorporates a situational assessment, including a brand identity, positioning, architecture, and portfolio strategy for the Brand.
Presentation originally created for NYU Stern's Brand Strategy course. Design by Erica Santiago & Chris Alexander.
As Manufacturers Buckle, Winners Emerge From Havoc - WSJ
1. As Manufacturers Buckle, Winners Emerge From Havoc - WSJ
http://www.wsj.com/articles/SB123879125297987681[8/27/2015 9:05:44 AM]
TAYLORSVILLE, N.C. -- Roy Calcagne offers a simple explanation for why, in the midst of a grueling downturn,
his company is selling more sofas and love seats than before.
"We're stealing market share," says the chief executive of Craftmaster Furniture Inc., a maker of upholstered pieces
with two large factories here.
What's happening at Craftmaster is just one example of the survival-of-the-fittest competition taking place across the
economy. The recession has already killed off some major retailers, including Circuit City Stores Inc. in January, and
prompted the shutdown of manufacturers known for everything from auto parts to storm windows.
ECONOMY
As Manufacturers Buckle, Winners Emerge
From Havoc
|
Updated April 6, 2009 11:59 p.m. ET
By TIMOTHY AEPPEL
FACTORY BOOMS IN DOWNTURN
DJIA Futures 1.42%U.S. 10 Yr 2.201%Euro -0.67%
2. As Manufacturers Buckle, Winners Emerge From Havoc - WSJ
http://www.wsj.com/articles/SB123879125297987681[8/27/2015 9:05:44 AM]
When businesses flame out, there are often others on the sidelines, like Craftmaster, ready to pick up the pieces. Most
companies don't like to openly discuss the demise of competitors. But in hard times, the grim reality is that grabbing
business from fallen players is one of the few avenues to growth -- or at least a way to minimize a company's own
sales slide.
At Craftmaster, which assembles upholstered sofas and chairs that sell in stores for less than $1,000, revenues rose 4%
last year and have grown 5% since January, according to the company. That might seem like a modest increase, but
given the state of the industry, it's remarkable. Sales in the $80 billion U.S. furniture market, which is closely linked to
housing, were off by an estimated 20% over the past six months, say analysts.
Several large producers have shut down in recent months and others are shedding workers and closing factories. La-
Z-Boy Inc., known for beefy recliners and other "motion" furniture, has laid off nearly a quarter of its workers over
the past year and posted deep losses. On the higher end, Ethan Allen Interiors Inc. reported a 73% decline in earnings
for the quarter ended Dec. 30, on a 27% drop in sales. Budget retailer Pier 1 announced losses in its latest quarters
Roy Calcagne, the CEO of Craftmaster Furniture stands in front of the factory's sewing area. TIM AEPPEL/THE WALL STREET
JOURNAL
3. As Manufacturers Buckle, Winners Emerge From Havoc - WSJ
http://www.wsj.com/articles/SB123879125297987681[8/27/2015 9:05:44 AM]
and has said it may need to terminate leases on as many as 125 underperforming stores.
4. As Manufacturers Buckle, Winners Emerge From Havoc - WSJ
http://www.wsj.com/articles/SB123879125297987681[8/27/2015 9:05:44 AM]
Craftmaster, meanwhile, hired 75 people last year, including some from nearby factories that were closing. There's
currently no talk of layoffs at its two facilities, which now employ roughly 500.
The company, owned by Dongguan, China-based Samson Holding Ltd. , has managed to pull ahead due to some
built-in benefits -- as well as a few prescient strategies. In 2003, Samson hired Mr. Calcagne, a 50-year-old who got
his start as a buyer for Macy's, to devise an export plan. Samson already had huge Chinese factories churning out
dining and bedroom sets for foreign markets, especially the U.S., which accounts for 90% of its exports. But
executives were anxious to tap the lucrative upholstery niche -- a segment difficult to tackle, since bulky sofas present
all manner of manufacturing, shipping and inventory issues.
Mr. Calcagne's boss eventually asked him to find an existing U.S. furniture maker and use the Chinese operation to
supply it with fabric as well as some of its wooden frames and other parts. These would be shipped back to the U.S.
and assembled in North Carolina.
With its owner ready to retire, Craftsman was up for sale. Samson purchased the company in 2006, instantly giving it
production facilities close to U.S. customers.
Most domestic mills that produce fabric for upholstered furniture have closed over the past five years, with much of
that business shifting to China. As a result, many U.S. furniture plants now buy giant rolls of fabric from China. When
possible, they have Chinese suppliers send "kits" of fabric that have been pre-cut and sewn. Craftmaster has
outsourced much of this work as well, but is able to manage the supply chain closely because of its affiliation with
Samson.
"They really have the best of both worlds," says Jerry Epperson, an industry analyst with Mann, Armistead &
Epperson in Richmond, Va.
Here in Taylorsville, workers at long tables unfurl fabric and cut it into pieces for a specific sofa or chair. Those
5. As Manufacturers Buckle, Winners Emerge From Havoc - WSJ
http://www.wsj.com/articles/SB123879125297987681[8/27/2015 9:05:44 AM]
pieces then go into an area where workers stitch them together. Craftmaster employs about 40 of these sewers, who
earn between $13 and $15 an hour. (In China, Mr. Calcagne estimates a similar job pays $1 or less per hour.) Others
at the plant here stuff cushions with foam and staple fabric onto frames.
Driving through the rolling hills of North Carolina, Mr. Calcagne points to the empty hulk of a nearby furniture plant
that was once a hive of activity. Many of those still open have nearly empty parking lots, indicating little activity
inside. North Carolina is the traditional center for U.S. furniture making, and the exodus of work to cheaper foreign
markets was already hammering this region long before this slowdown.
For Mr. Calcagne, recent months have been less about prying business away from others than about picking up the
phone when rivals fall apart. Take Norwalk Furniture Corp. In the middle of last year, he got wind that fabric mills
had stopped making shipments to them. He figured, correctly, that the 106-year-old, Ohio-based company was headed
for trouble.
"Once the fabric mills start holding back shipments, it's inevitable what will happen next," he says.
At a Craftmaster factory in Taylorsville, N.C., aworker uses a staple gun to fasten fabric to a settee frame. The company imports
much of its upholstery, aswell as some other materials, from China. TIM AEPPEL/THE WALL STREET JOURNAL
6. As Manufacturers Buckle, Winners Emerge From Havoc - WSJ
http://www.wsj.com/articles/SB123879125297987681[8/27/2015 9:05:44 AM]
So last fall, when Norwalk filed for bankruptcy and ceased operations, Mr. Calcagne pounced. He immediately hired
Norwalk's vice president of sales, who in turn introduced Mr. Calcagne to five of Norwalk's regional sales associates.
He hired them, too.
Norwalk's Ohio factory reopened last fall under a group of local investors. They restarted production at a far lower
volume making made-to-order upholstered pieces. But by then, it had already lost much of its customer base to
Craftmaster and others.
"Certainly we regret any opportunities lost as a result in the lapse between the closure of the old company and the
creation of the new," says Tom Bleile, a spokesman for Norwalk's new investor group. "But we take no offense at
others that saw that as an opening."
Craftmaster is now on the verge of becoming a major supplier to American TV & Appliance of Madison Inc., a 15-
store retail chain in the upper Midwest that previously carried Norwalk's Hickory Hill brand of furniture. That account
used to be served by Norwalk's Wisconsin-based salesman, who now works for Mr. Calcagne.
"Craftmaster is actually picking up business from three different suppliers who have gone out of business on us in just
the last few months," says Ken Wagner, a senior vice-president at American TV.
Another example of the company's prowess: growing orders from Raymour & Flanigan Furniture, an 80-store
furniture chain based in Syracuse, N.Y.
Neil Rosenbaum, Raymour's senior vice president of merchandising, says he first started noticing problems with some
of his existing suppliers about 18 months ago. Several, he recalls, had fallen into a pattern of late shipments. He didn't
waste time in reaching out to Mr. Calcagne. Raymour, which was already a client of another Samson unit, arranged to
have Craftmaster supply two living-room "groupings." Raymour sells about 100 such sets in total.
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Mr. Rosenbaum was impressed when Craftmaster swiftly developed the groupings and adapted itself to suit Raymour's
inventory system. That includes guaranteed delivery times, of three days or less, to its end customers.
"They respond quickly, they get samples made quickly, and they have the ability to get us to the price we need," says
Mr. Rosenbaum.
Craftmaster's Chinese connections can only insulate it up to a point. The economic slowdown has hit China hard, too,
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and Samson has seen its overall sales decline along with the rest of the market. In its latest earnings report, the
company, which doesn't break out results by division, showed that sales fell 9% to $217 million in the first six months
of last year.
Still, many retailers view Craftmaster's Chinese owners as a sign of financial strength. "It doesn't hurt that we feel
very confident with Craftmaster's financial state, that they're part of a well-heeled company," says Christopher
Pelcher, the vice president of merchandising for Levin Furniture, a 12-store chain based outside Pittsburgh.
Mr. Pelcher notes that the collapse of furniture companies in recent months has put retailers such as his company in a
bind. When Norwalk closed, for instance, Levin had already written up more than 40 special-order sofas. Some
customers went elsewhere when they learned the items weren't coming, says Mr. Pelcher. He raced to find backups --
including companies such as Craftmaster, which was already a supplier.
Scrounging for business is a day-to-day battle for Mr. Calcagne, and some fights are tougher than others. There's a
limit to how far Craftmaster can reach in its quest for new customers. Moving beyond its middle-priced niche is a
specific challenge.
One recent week, Mr. Calcagne flew to Florida to visit with the buyer for a small chain called Baer's Furniture, near
Miami. Like most retailers, Baer's has a fixed number of slots for sofas at different price ranges in its showrooms.
Craftmaster supplies their midprice sofas, which sell at retail for between $699 and $999. But Mr. Calcagne sensed
opportunity at the higher end. In preparation for the trip, he had several models built in North Carolina and sent ahead
to the customer.
Model building can help to land new business. Buyers often rip a model apart to examine the quality of the materials
inside. Some customers make unusual requests. For instance, workers in the plant's product-development department
recently made samples at the behest of a 10-store Texas chain owned by Berkshire Hathaway Inc. Each model
contains a mix of style elements available for that particular design: The left armrest is different from the right, for
instance, and there are various pillow types and different legs. "Buyers love it," says Mr. Calcagne, who calls the
hybrid his "Mr. Potato Head sofa," because it has so many mismatched parts.
Back in his office after the Florida visit, Mr. Calcagne grumbles that the buyer from Baer's is difficult to read.
Although he didn't clinch the deal, he says he intends to keep pushing.
Mr. Calcagne has to be careful about which business he grabs. Recently, for instance, he has been offered business
opportunities that he doesn't want -- mainly because there's been a hint of trouble ahead.
Many furniture companies rely on firms called factors, which assess the creditworthiness of potential customers and
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offer loans or a form of insurance against their transactions. Each week, Mr. Calcagne gets a list of customers who've
been declined this specialized coverage -- a signal that they may be on the brink. The number of names on that
bellwether list has quadrupled in the past five months, he notes.
"In business, you've got to be cutthroat for the most part," says Mr. Calcagne. "But it's all in the way you do it." He
notes that he would never spread a rumor about a competitor that is stumbling. "We don't sell that way," he says. "If
you have nothing to sell, you sell on the weakness of others."
Write to Timothy Aeppel at timothy.aeppel@wsj.com
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