In June 2018, Herman Miller, an American company that produces office furniture, equipment, and home furnishings, acquired a 33 percent equity interest in the Danish manufacturer of contemporary home and office furnishings and accessories for a sum of $66 million. Moreover, Miller bought the rights to the HAY brand in North America for a sum of nearly $5 million. The acquisition aims at expanding Herman Miller’s product polio, which includes Aeron chair, Eames Lounge, Chair, Noguchi Table, and more. The deal also enables to extend Miller’s global reach and expand its offerings of furnishings and accessories for the home, contract, and hospitality markets. With the purchase, Herman Miller also plans to scale its consumer business to gain access to a broader customer base.

HAY has established itself as a fast-growing global company over the years. Its rich and unique portfolio of high-quality and well-crafted furniture and accessories makes it a worthy and significant part of Herman Miller’s family of brands. Hay collaborates with designers from around the world to create its unique home décor pieces. At present, the company offers 180 furniture pieces and more than 350 accessories. Featuring clean lines and a muted color palette inspired by Scandinavian and midcentury design, the products are thoughtfully crafted for both homes and offices.

Brian Walker, CEO of Herman Miller, said, “With more workplaces and commercial spaces adopting a residential feel, the opportunity to offer quality designs at an attainable price point is only expanding. Adding Hay’s considerable stable of products to our ancillary offer further cements Herman Miller’s ability to deliver excellent design to customers regardless of budget or what kind of space they’re outfitting.”

Many other players in the home décor space, which incorporates wall decor, kitchen décor, living room décor, and more, adopt strategies such as launches, acquisitions, and partnerships to build their footprint worldwide and expand their portfolio. Some of the leading players include Kimball International, Herman Miller, Ashley Furniture Industries, Inc., and IKEA. This, in turn, is driving the growth of the décor industry. Moreover, factors such as growing consumer interest towards home décor, developments in the real estate industry, and increasing urbanization worldwide are fueling the growth of the home décor market. According to the research firm, Allied Market Research, the home décor market is likely to accrue a sum of $664.0 billion by 2020, thereby growing at a CAGR of 4.2% during the forecast period, 2015-2020.