Greycork Furniture market ready-to-assemble furniture that is made in the U.S. Put together without tools - the pieces are screwed together - the furnishing lines tap two preferences of contemporary buyers: items are locally sourced or fabricated, with identifiable origins; and they are customizable. Furniture is ordered online and delivered from stock components within days. Materials include American ash and Baltic birch from Scandinavia or Russia.
Greycork Furniture sees its mission as creating a "new standard for furniture, while bridging the gap between modern culture and manufacturing."
Greycork Furniture seems to have tapped into something. It started with an Indiegogo funding campaign aimed at raising $50,000; it has now reached $270,000 in crowdsourced funding. And an additional $2 million from other investors will allow the company to scale up. John Humphrey, founder of Greycork Furniture, tells the New York Times he anticipates $1 million in revenue this year. "The opportunity is very large," Humphrey says. "We are creating a brand that speaks to millennials."
Employees of the Greycork Furniture include designers trained at the Rhode Island School of Design. In its profile, the Greycork notes, "Having grown up in manufacturing plants, design schools, and the internet age, we just couldn’t help but wonder why buying furniture usually implied long lines in huge stores, weekends filled with frustrating assembly, and boring products. In fact, we had a hunch that given what we knew, we could create the perfect furniture option."
Greycork Furniture founders (from left) John Humphrey, Bruce, Alec and Jonah.
The Felix Coffee Table is priced at $250. Composed of Baltic birch plywood, ash solid wood, powder-coated steel, components come from Rhode Island, Illinois, Ohio, New
Jersey, and Pennsylvania. Wood products manufacturers in the supply chain include Panel Processing, which produces the wood frames, tops and shelves, and wood components firm Waddell, which produces the ash legs and posts.
Millennials are now the largest segment of U.S. furniture buyers, according to Fung Business Intelligence, with spending up 142 percent between 2012 and 2014. Many millennials prefer online shopping to visiting stores. The chart below from Hong Kong-based Fung Business Intelligence shows annual furniture U.S. furniture sales of the largest firms and the . (Ashley is Number 1.)
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