4 unchanged sentences
The Company also sells a limited selection of its products directly to consumers through its own websites.
−Removed: The Company’s product categories include two categories of products used to prepare, serve and consume foods, Kitchenware (kitchen tools and gadgets, cutlery, kitchen scales, thermometers, cutting boards, shears, cookware, pantryware, spice racks and bakeware) and Tableware (dinnerware, stemware, flatware and giftware);
+Added: The Company’s product categories include two categories of products used to prepare, serve and consume foods, Kitchenware (kitchen tools, cutlery, kitchen scales, thermometers, cutting boards, shears, cookware, pantryware, spice racks and bakeware) and Tableware (dinnerware, stemware, flatware and giftware);
and one category, Home Solutions, which comprises other products used in the home (thermal beverageware, bath scales, weather and outdoor household products, food storage, neoprene travel products and home décor).
1 unchanged sentence
The Company has a presence in international markets through subsidiaries and affiliate companies that are based outside of the United States.
−Removed: Lifetime Brands Europe Limited is a wholly-owned subsidiary doing business as Kitchen Craft.
−Removed: Kitchen Craft is a leading supplier of kitchenware and tableware products and accessories in the United Kingdom (“U.K.”) and in over 80 other countries.
−Removed: Lifetime Brands Europe Limited’s brand development and design teams, administrative teams, and distribution operate out of a state of the art facility in Aston, England.
−Removed: The Company also has a subsidiary in the People’s Republic of China (“China”) to supply kitchenware and tableware products to the Chinese market and a subsidiary based in Hong Kong to facilitate the sale of its products to Australia, other parts of Asia and smaller markets elsewhere in the world.
+Added: In Europe, the Company operates two wholly-owned subsidiaries to sell the Company’s products in the United Kingdom (“U.K.”) and countries within the European Union.
+Added: The brand development and design teams, administrative teams, and distribution for its international operations operate out of a state of the art facility in Aston, England as well as a third-party distribution facility located in Rotterdam, Netherlands.
+Added: The Company also has a subsidiary in the People’s Republic of China (“China”) to supply the Company’s products to the Chinese market and subsidiaries based in Hong Kong, Australia and New Zealand to facilitate the sale of its products to Asia Pacific region and smaller markets elsewhere in the world.
The Company has a presence in Canada through a strategic alliance with a Canadian company to distribute many of the Company’s products in Canada.
3 unchanged sentences
Farberware® Licensed (1)
−Removed: KitchenAid® Licensed Kitchenware
Mikasa® Owned Tableware and Home Solutions
+Added: KitchenAid® Licensed Kitchenware
Taylor® Owned Kitchenware and Home Solutions
Pfaltzgraff® Owned Kitchenware, Tableware and Home Solutions
+Added: Fred® & Friends Owned Kitchenware
+Added: Kamenstein® Owned Kitchenware
BUILT NY® Owned Home Solutions
S'well® Owned Home Solutions
−Removed: Fred® & Friends Owned Kitchenware
−Removed: KitchenCraft® Owned Kitchenware
Rabbit® Owned Kitchenware
−Removed: Kamenstein® Owned Kitchenware
(1) The Company has a royalty free license to utilize the Farberware® brand, primarily for its kitchenware products, for a term that expires in 2195, subject to earlier termination under certain circumstances.
−Removed: With the exception of the Company’s sterling silver products, the Company sources almost all of its products from suppliers located outside the United States, primarily in China.
+Added: The Company sources almost all of its products from suppliers located outside the United States, primarily in China.
The Company manufactures its sterling silver products at a leased facility in San Germán, Puerto Rico and fills canisters with spices and assembles spice racks at its owned distribution facility in Winchendon, Massachusetts.
+Added: The Company has manufacturing operations in Mexico to manufacture certain of the Company’s products.
BUSINESS SEGMENTS
5 unchanged sentences
The Company’s wholesale customers include mass market merchants, specialty stores, department stores, warehouse clubs, grocery stores, off-price retailers, food service distributors, food and beverage outlets, corporate sales and e-commerce.
−Removed: The Company’s products are sold globally to a diverse customer base including mass market merchants (such as Walmart and Target), specialty stores (such as Williams Sonoma and Dunelm), department stores (such as Macy’s, Kohl’s and Belk), warehouse clubs (such as Costco, and BJs), grocery stores (such as Publix, Kroger, Meijer, and Winn-Dixie), off-price retailers (such as TJX Companies, Ross Stores and Big Lots), food service distributors (such as US Foods, Clark Food Service and Jetro), food and beverage outlets (such as Starbucks) and e-commerce (such as Amazon).
+Added: The Company’s products are sold globally to a diverse customer base including mass market merchants (such as Walmart and Target), specialty stores (such as Williams Sonoma and Dunelm), department stores (such as Macy’s, Kohl’s and Belk), warehouse clubs (such as Costco, and BJs), grocery stores (such as Publix, Kroger, Meijer, and Winn-Dixie), off-price retailers (such as TJX Companies and Ross Stores), food service distributors (such as US Foods, Clark Food Service and Jetro), food and beverage outlets (such as Starbucks) and e-commerce (such as Amazon).
The Company also does business with independent retailers, including through business-to-business websites aimed at independent retailers.
The Company also operates its own consumer websites that provide information about the Company’s products and offer consumers the opportunity to purchase a limited selection of the Company’s products directly.
−Removed: During the years ended December 31, 2023, 2022 and 2021, Wal-Mart Stores, Inc., including Sam’s Club, (“Walmart”), accounted for 21%, 19% and 18% of consolidated net sales, respectively.
+Added: During the years ended December 31, 2024, 2023 and 2022, Wal-Mart Stores, Inc.
+Added: (“Walmart”), accounted for 19%, 21% and 19% of consolidated net sales, respectively.
During the years ended December 31, 2024, 2023, and 2022, sales to Costco Wholesale Corporation (“Costco”) accounted for 11%, 11%, and 13% of consolidated net sales.
14 unchanged sentences
Medford, Massachusetts 5,600
−Removed: Additionally, the Company uses third-party operated distribution facilities to supplement its distribution capacity, including a major distribution facility located in Rotterdam, Netherlands.
+Added: Additionally, the Company uses third-party operated distribution facilities to supplement its distribution capacity, including a distribution facility located in Rotterdam, Netherlands.
As of December 31, 2024, the Company occupied 27,000 square feet of this facility.
16 unchanged sentences
SOURCES OF SUPPLY
−Removed: The Company sources its products from hundreds of suppliers, almost all of which are located outside the United States (other than the suppliers for the Company’s sterling silver products).
+Added: The Company sources its products from hundreds of suppliers, almost all of which are located outside the United States.
Most of the Company’s suppliers are located in China.
−Removed: The Company also sources products from suppliers across various countries including, Hong Kong, Taiwan, Japan, South Korea, Vietnam, Myanmar, Singapore, Malaysia, Philippines, Thailand, India, Bangladesh, the United States, Mexico, the U.K., Italy, Portugal, Poland, Sweden, Turkey, Belgium, Germany, Czech Republic, Slovakia, Cambodia, Indonesia, and New Zealand.
+Added: The Company also sources products from suppliers across various countries including, Hong Kong, Taiwan, Japan, South Korea, Vietnam, Cambodia, Malaysia, Philippines, Thailand, India, the United States, Canada, Mexico, Argentina, Chile, Paraguay, Uruguay, the U.K., Italy, Portugal, Netherlands, Poland, Turkey, Czech Republic, Indonesia, Australia and New Zealand.
The Company orders products significantly in advance of the anticipated time of their sale by the Company.
3 unchanged sentences
The Company manufactures its sterling silver products at a leased manufacturing facility in San Germán, Puerto Rico and fills jars and other containers with spices and assembles spice racks at an owned facility in Winchendon, Massachusetts.
−Removed: The Company is planning to expand its manufacturing into Mexico to manufacture certain of the Company’s products.
−Removed: The Company expects these operations to be fully operational in fiscal year 2024.
+Added: The Company has manufacturing operations in Mexico to manufacture certain of the Company’s products.
The markets for kitchenware, tableware and other products used in the home are highly competitive and include numerous domestic and foreign competitors, some of which are larger than the Company.
3 unchanged sentences
The Company does not believe that the expiration of any of its patents would have a material adverse effect on either of the Company’s segments.
−Removed: The Company holds certain rights to use the Farberware brand for kitchen tools and gadgets, cutlery, cutting boards, shears and certain other products which together represent a material portion of its sales, through a fully-paid, royalty-free license for a term that expires in 2195, subject to earlier termination under certain circumstances.
−Removed: The Company also holds a license to use the KitchenAid brand for certain products, including products for kitchen tools and gadgets, cutlery and bakeware, subject to a license agreement that will expire in December 2026.
+Added: The Company holds certain rights to use the Farberware brand for kitchen tools, cutlery, cutting boards, shears and certain other products which together represent a material portion of its sales, through a fully-paid, royalty-free license for a term that expires in 2195, subject to earlier termination under certain circumstances.
+Added: The Company also holds a license to use the KitchenAid brand for certain products, including products for kitchen tools, cutlery and bakeware, subject to a license agreement that will expire in December 2026.
The Company originally entered into a licensing arrangement for use of the KitchenAid brand in 2000, and has renewed the license, typically for three to four year periods, since that time.
7 unchanged sentences
Further, the Company offers professional development opportunities to cultivate talent throughout the Company.
−Removed: The Company also values diversity and inclusion and aims to foster an inclusive community.
+Added: The Company also aims to foster an inclusive community.
REGULATORY MATTERS
10 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.