Nova Lifestyle Inc., a Commerce furniture manufacturer and distributor, had an up and down week last week.
The company, which was trading around $6.13 on the Nasdaq at the start of the week, announced April 14 that it had entered an agreement to sell 1.3 million shares of common stock at $6.78 a share to funds advised by Cranshire Capital Advisors of Northbrook, Ill. The news sent shares tumbling to close at $5.19 on April 16, down 35 percent for the week and far below a 52-week high of $8.98 it hit in mid-March, making it the biggest loser on the LABJ Stock Index. (See page 56.)
The company, which said it would see close to $9 million as a result of the sale, was planning to apply the proceeds to general corporate purposes.
Among those might be the establishment of an e-commerce site targeting the Chinese market, an effort it announced midweek to tap into that nation’s growing online shopping space.
Tawny Lam, Nova Lifestyle’s president, said the site would put the company ahead of its competitors.
“The e-commerce business has increased in general over 60 percent in 2013 in China,” said Lam, citing a furniture sales study by research firm IbisWorld. “We feel that we’re able to capture and tap into this before the competition gets into the market and it gets saturated.”
Nova Lifestyle has also been able to secure the participation of the Hong Kong Furniture Association, which comprises about 200 furniture manufactures in China. Lam said products by those businesses will be sold on its site, in addition to Nova Lifestyle’s line of contemporary styles.
“Going forward we have planted our seed to grow the production and market share,” she said.
The company, founded in 2003, operates furniture manufacturing plants in China for its own stores as well as other brands such as Swedish retailer Ikea.
Shop Within a Shop
Beverly Hills men’s retailer Carroll & Co. is launching a “shop-in-shop” area for Monterey men’s brand Robert Talbott this week.
Carroll & Co. sells high-end men’s clothing, suits and accessories. John Carroll, company president, said he looks forward to offering customers a high-end shopping experience.
“We have worked with Robert Talbott for many years and we are very excited to be the first independent retailer to launch the company’s new initiative,” he said.
Bob Corliss, chief executive of Robert Talbott, said the launch is part of an initiative to have branded areas inside premium independent retailers in major U.S. cities.
Customers can expect to see a small space specifically devoted to Talbott’s line of dress shirts, sportswear, neckwear and accessories.
“Robert Talbott’s initiative is to grow its wholesale business,” said Corliss. “We are providing Carroll & Co. with a concept that will increase sales per square foot through a proven retail concept by showing the full Robert Talbott collection.”
Revolving Doors
Barbeque restaurant Holy Cow will be opening in June in Brentwood. The barn-themed restaurant is by Rob Serritella and his team, the creators of Messhall Kitchen in Los Feliz. … Fast-food diner Oinkster in Eagle Rock plans to open a Hollywood location this week. … Hollywood organic deli and natural foods market Locali Conscious Convenience will be opening a store in Venice on May 1. … Indoor cycling studio SoulCycle opened its fifth location, in Malibu, last week. The 2,200-square-foot space features 52 bikes. … Spanish retailer Zara will take a 35,000-square-foot space at Glendale Galleria. It’s expected to open next year. … Luxury retailer Jimmy Choo reopened its Beverly Hills store last week after renovations to the 2,148-square-foot space on North Rodeo Drive. … Boca Raton, Fla., luxury theater operator iPic Theaters will be opening in Westwood on May 2 with six screens. … Clare Vivier, a women’s accessories designer in Silver Lake, will be launching a men’s collection priced from $65 to $478. … Beverly Center is adding two retail tenants: Japanese retailer Uniqlo is expected to open there this fall; Russian accessory and footwear brand Carlo Pazolini expects to open June 1. … Pressed Juicery in Santa Monica opened its Old Pasadena store this month. … Lifestyle retail store Piece Collective opened on Abbot Kinney Boulevard in Venice this month. … Downtown L.A.’s online retailer Poketo has opened its second store, inside Koreatown boutique hotel Line.
Staff reporter Subrina Hudson can be reached at [email protected] or (323) 549-5225, ext. 251.
